Foundation

A foundation is a legal categorization of nonprofit organizations. Foundations may also and often have charitable purposes. more...

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This type of nonprofit organisation may either donate funds and support to other organizations, or provide the sole source of funding for their own charitable activities.

Foundations in Civil Law

The term \"foundation,\" in general, is used to describe a distinct legal entity.

Foundations as legal structures (legal entities) and/or legal persons (legal personality), may have a diversity of forms and may follow diverse regulations depending on the jurisdiction where they are created.

In some jurisdictions, a foundation may acquire its legal personality when it is entered in a public registry, while in other countries a foundation may acquire legal personality by the mere action of creation through a required document. Unlike a company, foundations have no shareholders, though they may have a board, an assembly and voting members. A foundation may hold assets in its own name for the purposes set out in its constitutive documents, and its administration and operation are carried out in accordance with its statutes or articles of association rather than fiduciary principles. The foundation has a distinct patrimony independent of its founder.

Foundations are often set up for charitable purposes, family patrimony and collective purposes.

Italy

In Italy, a foundation is a private non profit and autonomous organisation, its assets must be dedicated to a purpose established by the founder. The founder cannot receive any benefits from the foundation or have reverted the initial assets. The private foundations or civil code foundations are under the section about non commercial entities of the first book (Libro Primo) of the Civil Code of Law (Codice Civile) from 1942. The Art. 16 CC establishes that the statutes of the foundation must contain its name, purpose, assets, domicile, administrative organs and regulations, and how the grants will be distributed. The founder must write a declaration of intention including a purpose and endow assets for such purpose. This document can be in the form of a notarised deed or a will. To obtain legal personality, the foundation must enroll in the legal register of each Prefettura (local authority) or some cases the regional authority. There are several nuances in requirements according to each foundation's purpose and area of activity.

Netherlands

A foundation or \"stichting\" in The Netherlands is a legal person created through a legal act. This act is usually either a notarised deed (or a will) that contains the articles of the foundation which must include the first appointed board. No government authority is involved in the creation or authorization of a foundation, it acquires full legal capacity through its sole creation. A foundation has no members and its purpose must be to realise a purpose stated in its articles, using capital dedicated to such goal. The foundations are defined in the Dutch Civil Code \"Burgerlijk Wetboek\", Boek 2 Art 285-2:285. It is not necessary in Netherlands that a foundation serves a purpose of general interest. The foundations are governed and represented by a board that is responsible for its administration, this board has not a requirement for specific number of members. The Funds or \"fondsen\" are almost all foundations but those must not be confused one with the other regarding their legal status. The Art 2:289 of the Civil Code establishes that all foundations must be registered in the Register of Commerce or \"Handelsregister\". Commercial activities are allowed if they are within the purpose of the foundation and are taxed. Board members can be held liable for the foundation, civilly as well as criminally.

Read more at Wikipedia.org