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Private Foundations - A structure for operating in the private

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Private Foundations - A structure for operating in the private

Post by Ausk on Tue Sep 12, 2017 9:38 am

This is intended to inform but its only providing very brief insight into how people can legally live "In the Private." Please note, this information is for informational purpsoes only.

A private foundation is a legal and lawful entity that can be set up by a family or a group of individuals, which enables them to operate in the Private and enjoy the financial and other benefits Private Foundations offer.

Little is known by the public about Private Foundations and this understandable because the powers that be want them to remain secret as they are mostly used only by the wealthy. However; I’m sure many of you have heard of the Clinton Foundation during the US presidential race in 2016. This has caused many people to become aware of and curious about them.

The purpose of a Private Foundation is to financially sustain the principals of the foundation which is yourself, your partner and any dependents.

Some important benefits of Private Foundations are:

You have complete control over your Private Foundation’s finances, no one else has any involvement in the Foundation’s finances.

They are “not for profit” organisations and are Non Government Organisations.

They enable you to have greater control over your finances and financial future as you can buy, invest and sell with less hindrance from third parties.

A private foundation is a legal entity, but it’s not a business; but they are different in the way the work from trusts. The principles in a Private Foundation still engage in commerce with the rest of the economy and proceeds go towards aims and purpose of the foundation.

If you, via your private foundation, did business with a third party, you could with their cooperation, arrange to have your compensation donated to you by being paid paid into your bank account via Paypal or other similar payment mechanism. That way it would NOT be an income.

Your clients or customers could compensate you in cash, BitCoin, bullion, or other tangible objects of value to you as you can agree. This provides you with greater flexibility and financial freedom.

With a foundation, For the time you spend project managing the commercial undertakings of the Foundation; you are compensated, by a donation from the proceeds of the busienss activities, by the other two members of the Foundation.

Private Foundations are similar in their nature to cultural organisations, educational organisations and community service organisations. In most western jurisdictions, organizations like these are usually allowed to self assess their tax liabilities and as such a Private Foundation may not be required to submit tax returns. You should however, seek legal advice on this regarding your countries tax laws before acting on this basis.

People who work for a wage or a salary can still use a foundation if the employer is willing to engage them on that basis or as a contractor. There are benefits in this for employers too.

As this site is in the UK and most people reading this are from the UK, it’s likely that they would prefer to obtain their information and advice about Private Foundations from the UK. This is a logical thing to do.

However, there is a website in Australia which is set up to offer a complete Operate in The Private service which ranges from providing explanatory information to setting up a Private Foundation for you. They can provide you with all the information you need to become fully informed about the pro’s and cons of Private Foundations so as to enable you to determine the suitability of a Private Foundation for you.

This website is called Operate In The Private and is closely associated with the Know Your Rights Group. These people have a comprehensive set of Frequently Asked Questions and other information.

One might be tempted to think Australian law is substantially different from the laws of England and makes the service “Operate In The Private” provides, of little value.

However, keep in mind Australia inherited virtually all of its Commonwealth Government laws, as a bundle, from England at the time of Federation in the early 1900s when Australia become a country out of a group of British colonies. This occurred because Australia did not have any laws at all at the time so the British government simply gave Australia theirs to use until they were approved or otherwise by the Australian people in a referendum, which they were in the early 1900's. These laws were approved of by the Australian people on an ‘as is’ basis.

My states property law Act section on Assignment is a good example as it seems to be identical to what has been posted on this site recently.

To get your Private Foundation FAQ Sheet, email Operate in the Private at info@operateintheprivate.com or visit their website at www.operateintheprivate.com



Ausk
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Re: Private Foundations - A structure for operating in the private

Post by iamani on Tue Sep 12, 2017 2:06 pm

Hi Ausk

Excellent find and very interesting - thanks!

Cheers!

iamani
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Re: Private Foundations - A structure for operating in the private

Post by LionsShare on Tue Sep 12, 2017 3:45 pm

Great info obviously this is going to be valuable when the full "SP" is known
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Re: Private Foundations - A structure for operating in the private

Post by handle on Tue Sep 12, 2017 6:18 pm

Isnt that a bit like operating through a Ltd Company. Limited by guarantee is ofr non profit making. Plc is a public limited company and Ltd is a private limited company.

All one's different "characters" can operate through several Limited companies.

A clever use of companies does not make one a user of corporations. Ultimately, all corporations are "owned" by flesh and blood beings. And there lies protection from the veil of incorporation. Note they do not call it the veil of corporation.

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Re: Private Foundations - A structure for operating in the private

Post by Ausk on Wed Sep 13, 2017 10:02 am

@handle wrote:Isnt that a bit like operating through a Ltd Company. Limited by guarantee is ofr non profit making. Plc is a public limited company and Ltd is a private limited company.

All one's different "characters" can operate through several Limited companies.

A clever use of companies does not make one a user of corporations. Ultimately, all corporations are "owned" by flesh and blood beings. And there lies protection from the veil of incorporation. Note they do not call it the veil of corporation.

The in the private website actually has a lot more info including the various types of legal structures people use for asset protection and there is some brief discusison on pros and cons of each of them.

The main advantages of Foundations is the ability they provide to operate in the private but sitll enable those who want to do that to interact with the system. Then there's the tax advantages due to the money inflow being donations and not income. They are also much cheaper to establish, maintain and administer.

The liars for hire (lawyers) wont recommend them because there's little work for them to charge for and they have no role to play in them, apart from inital set up, if even that.

The international anti terro laws which the govts of my country and yours never told us they passed and never examined for consistency with our constiutions, require a minimum of two people in a Foundation but as rule a Foundation rarely contains more than 3 players and they will likey be family. There is also a lot less paper work involved in them.

I have read they are beyond the reach of the tax man largely because inflow of money is donations and they are generally allowed to self assess.

If I had known about these things long ago I would not be concered about my current 'enforced retirement' status and ......

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