Private Interest Foundations
1. Juridical Person: They are legal entities that have the capacity to exercise rights and obligations, as well as other legal entities such as corporations.
2. Heritage: a foundation's assets constitute a separate patrimony separate from the assets of the founder.
3. Parts involved in its creation: All FIPs include:
A Founder who created the foundation, which may be the same customer or a third party "nominal founder since the signing" for confidentiality.
The Foundation Council, which is the Appellate Body of the Foundation, responsible for administering your estate.
The beneficiary, who is who in the end enjoy the Heritage Foundation, the beneficiary may be the same client, family and anyone else who kindly consider.
There is an optional figure which would be the Protector, which is the sanctioning body of the foundation and its Appellate Body.
4. Regulation: The FIPs have a more private regulation containing provisions regarding the Boss Beneficiaries, property and operations of the Foundation.
5. Benefits: In addition to protecting its assets, is an excellent vehicle for planned familiarly, since their will should abide to the letter.
6. Rules: Their regulation is based on Law 25 of June 12, 1995, amended by Law 32 of August 1, 2006.