Setting up a Non-Profit Organisation

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Purpose foundations, also referred to as non-profit organisations, are regulated under Article 32, where one of the essential requirements is an indication of the purpose of such a foundation.

This can subsequently be amended through an additional public deed. This may include latvia mobile database supporting a class of persons within the community due to a social, physical, or other type of disability. Such an indication of support, will not render the foundation a private foundation, it will remain a purpose foundation.

The deed of foundation, for such an organisation, may indicate how its money or property will be used. It is at the administrators’ discretion whether or not to make such a specification.

As the foundation is explicitly being established for a particular purpose, if the purpose is; achieved, exhausted or becomes impossible to accomplish, the administrators must refer to the Foundation Deed, to determine how the remaining assets, left in the foundation should be treated.