-
PMA vs Private Foundation
I was discussing with a friend about PMA vs. Private Foundations. We have a private Family Foundation and when I mentioned that to my tax agent, he recommend not to use this term but instead use PMA (although we do not have member associated to that Foundation). Also the fact that he as an agent of the system (although he knows that the system is broken and he helped me to setup other parts mitigating my tax payment) was a red flag for me. I also dont know why he put our Foundation in the same area as a PMA since we have not any associated members. I just wondering from a legal perspective why is a PMA recognized and accepted by the Government (nonetheless private or public, although the term PMA implicates the word private so I wonder if it even can exist in the public) but a Foundation causes red flags on their side? I also wonder that I have not yet really seen that PMA’s have been really advocated (except when I talked to tax agents) but only private Foundations and Trusts.
-
1 Reply
-
Yes you are right they are two different things. Watch the webinar on Foundations. This site imo is a PMA because it has membership only by paying a fee. This makes it an organisation that is outside of the jurisdiction of the corporations.