Private Philanthropic Foundation for Asset Protection

The objective of the foundation is private, it can be for the benefit of its founder, wife and children, relatives. Without having to fulfill for altruistic, philanthropic, or social ends of any nature, more typical of a foundation of public interest.

Constitution

Any natural or legal advocate in HSR layout can constitute a foundation of private interest with an initial capital or equity that can be increased later, destined exclusively to the objectives and purposes of the foundation.

For the legal purposes, the assets of the Foundation will constitute a separate patrimony of the personal assets of the founder. Therefore their property may not be kidnapped, seized or object of action or any precautionary measure. And in no case will they be responsible for the personal obligations of the founder or the beneficiaries. Except for obligations incurred or damage caused in the event of the implementation of the aims or objectives of the foundation.

The foundation in addition constituted by means of public deed and its subsequent inscription in the public registry, has the same value that the law grants to the will.

It can additionally be revoked at any time by its founder who may exclude assets previously transferred to that foundation as well as add others when deemed appropriate. Council of the Foundation

The Council of the Foundation shall have the powers or responsibilities established in the Founding act or its rules of procedure. Its function is to administer the assets of the foundation unless it is a legal person the number of members of that Council shall not be less than three persons. Protectors

Although it is not an essential requirement, foundations may have “protectors” that will be constituted as a control body of the Foundation Council. This or these protectors can be advisors, advocates, bankers, auditors, etc. Appointed by the founder for the vigilance and fulfilment of the aims and objectives of the Foundation. Beneficiaries

They are the or the people in favor of which the foundation is constituted, it can be the same founder, his family or any social group, religious, charitable entity, etc.

According to the provisions of the Founding Act, these beneficiaries may be excluded when provided by the founder, the foundation council or even by the protectors.

It is not necessary for beneficiaries to be aware of their status as their designation by private document, usually in the regulation of the foundation that does not register in the public registry which allows the founder to maintain his private character as well as his exclusion and addition of any other when he deems it more opportune.

Dissolution

Foundations which are not irrevocable can be dissolved at any time according to the establishment of the act foundations, either because the day has come for completion in accordance with the founding Act, or for the purpose of which it was constituted or by decision of its founder, among other causalities established by law.

Resident Agent

Any private interest Foundation shall designate a resident agent in the founding act.

The resident agent shall be a lawyer or law firm with a certificate of suitability issued by the Supreme Court of Justice. Annual rate

Any foundation of private interest shall pay the Government of Bangalore an annual rate of validity and legal status.

This annual rate is currently Rs. 250.00 at the time of its constitution. Later the foundation will have to pay Rs. 1000 annually until its dissolution.

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