What is Poland Family Foundation?
The Family Foundation is an institution that enables individuals and entrepreneurs running family businesses to function and develop in a multi-generational perspective. According to the statutory definition, the Family Foundation was established to collect property, as well as manage it in the interest of the so-called beneficiaries (persons close to the Founder) and to provide benefits to them. The family foundation is therefore a way of succession, which the Founder carries out only once in many generations. It is the Founder who decides on the goals, principles of operation of the Family Foundation and ensuring the safe existence of their loved ones.
What is Poland Family Foundation?
The Family Foundation is an institution that enables individuals and entrepreneurs running family businesses to function and develop in a multi-generational perspective. According to the statutory definition, the Family Foundation was established to collect property, as well as manage it in the interest of the so-called beneficiaries (persons close to the Founder) and to provide benefits to them. The family foundation is therefore a way of succession, which the Founder carries out only once in many generations. It is the Founder who decides on the goals, principles of operation of the Family Foundation and ensuring the safe existence of their loved ones.
- The process of establishing a Family Foundation:
Family Foundation is an innovative succession solution
Submission by the Founder of a declaration of establishment of a Family Foundation in the articles of association or in the will (notarial deed)
Preparation of the statute (notarial deed)
Preparation of an inventory of property
Establishing the bodies of the Family Foundation and contributing the founding fund
Entry into the register of Family Foundations kept by the District Court in Piotrków Trybunalski (special procedure);
Obtaining a Tax Identification Number (NIP) and National Business Registry Number (REGON), a bank account number, and registering a Family Foundation with the CRBR.
Important questions
Important questions
Family Foundation - information
The Polish Family Foundation is a solution that will allow you to secure succession and adapt it to the needs of the entrepreneur. Our experts will advise whether establishing a Family Foundation will be a solution adapted to your needs.
The Family Foundation is a separate legal entity, which means that its assets are separate from the assets of the Founder. Therefore, the Founder has the option to withdraw from active business while still ensuring income.
Family Foundation - What is It?
Foundation Statute is a key document that defines the principles of operation of the foundation, including the management of assets, designation of beneficiaries and rules of succession.
Foundation Board is responsible for its day-to-day management, while the foundation's supervisory board (if established) performs a supervisory function. These bodies may include both family members and external experts, which ensures professional management of assets.
Family Foundations offer a number of benefits tax, including the possibility of tax optimization when transferring assets between generations. A properly planned foundation structure can minimize tax burdens related to inheritance, donations or the sale of assets.
The Family Foundation allows flexible asset management, which can significantly reduce tax burdens. Transferring assets to a Family Foundation is usually not taxed, and further transfers of funds to beneficiaries can be made on more favorable tax terms.
Organs
Family Foundation:
Management
manages the affairs of the family foundation and represents it externally:
- implements the objectives of the Family Foundation as specified in the statute;
- meets the benefits due to beneficiaries;
- performs other tasks specified in the act or the statute;
- Only natural persons with full legal capacity may be its members.
Supervisory Board
mandatory body if the number of beneficiaries exceeds 25 persons:
- performs supervisory functions in relation to the management board;
- performs other tasks specified in the act or the statute;
- Only natural persons with full legal capacity may be its members.
Beneficiaries' Meeting
- reviews and approves the financial statements of the family foundation for the previous financial year;
- grants discharge to members of other bodies;
- performs other tasks specified in the act or the statute.
- Additional information: The Family Foundation is managed by a specially selected Management Board. Additionally, the Family Foundation may also be subject to separate supervision by the Supervisory Board. The Beneficiaries' Assembly also operates at the family foundation. The Founder may specify in the statute which people and with what qualifications and skills will sit on the Foundation's bodies. Such a diversified structure of the family foundation allows for effective management of the Foundation, while maintaining the agency and influence on its shape by the Founder and persons designated by him. The Founder may sit on the Management Board and the Beneficiaries' Assembly at the same time.
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