Legal

The Polymathic Institute is a Pre-incorporation body that will incorporate in The Turks and Caicos as an LLC.  Since the Turks and Caicos has no corporate income tax, there is no need for a distinction such as the 501C(3) organization in the U.S.  It also means that The Polymathic Institute, LLC will be less constrained in its activities.

At the outset it will have one subsidiary, Polymathica Publications that will be about 90% owned by the Institute.  It will, hopefully, be very profitable and the equity in earnings will be used to promote polymathic research, education, careers, community and lifestyles.  Other TPI subsidiaries will be created as the number of Institute projects increase.

TPI, LLC will issue two classes of shares, voting and non-voting.  The voting shares will be issued to Directors with dividends as their compensation for Directorship.  They will remit their shares upon the termination of their Directorship and the shares will be reissued to the new Director. 

Non voting shares will be held in Treasury with equity in earnings used to promote polymathic research, education, careers, community añd lifestyles.

Turks & Caicos is being chosen as the nation of incorporation for several reasons.  First, while the TPI is primarily promoting polymathy within the context of Western values, it is important that it does not appear to be an American company, or a German company or a French company.  TPI, LLC is officially a foreign company in T&C but is not a domestic company anywhere.  This, hopefully, will forestall any concerns about the Institute being captive to any national laws or regulations.

The Turks & Caicos does not require notification of shareholders of record.  With the international ownership of the subsidiaries, ownership is confidential.  Restrictions on equity purchases vary widely by jurisdiction.  However, the exchange of prepaid ads for equity shares will be a non cash transaction and deemed to take place in T&C.  Any issues of compliance will be the responsibility of the shareholder and neither TPI, LLC nor T&C will divulge the ownership.