Members of a Foundation

WHO IS PART OF A PRIVATE INTEREST FOUNDATION?

 

1. FOUNDER: the person that subscribes the Foundation for the public registry, that is to say the individual that registered the charter of the Foundation at the Public Registry when it was originally recorded. We offer the service of the Founder, since it is not require that he travels to Panama; we constitute and register it at the Public Registry of Panama.

 

 

2. MEMBERS COUNCIL: they have the directive of the Foundation and have the same function as the Board of Directors in a Corporation, but not the control. We offer the “Council Members Service”, as for asset protection, privacy and confidentiality is the best. Also as in the Corporations, we enclose with the foundation packager, letters of resignation for each member to preserve the guarantee that you may change them at any time.

 

 

3. PROTECTOR: is the person, organization or you that is designated to have full control of the Foundation and all the assets that are within it. This is not recorded at the Public Registry, but in a Private Document, call "By-laws of the Foundation", which is a document where the Council of Members of the Foundation designates him as Protector of the Foundation. The Protector has the faculty to remove at any time to the members of the Foundation. Thus the Protector keeps complete control of the Foundation.

 

 

4. BENEFICIARIES: they are the real owners of the Foundation. As well as in the Corporations, share certificates are issued to prove the owner, the Private Interest Foundations have beneficiaries, who would become the owners, which is registered in the “By-laws of the Foundation”, as we explained in the following point.

 

5. BY-LAWS OF THE FOUNDATION: is the governing document that follows the right order of instructions of the Foundation, which states who are the beneficiaries, the protector, the patrimony of the Foundation, the right to the donations received, administration, representation, until the dissolution, among others. Although it is a private and nonpublic document, it is recommended to have it, because it is the only legal document that serves to demonstrate who the owner of the Foundation is.