Foundation recognition

Service Description

In a foundation deed, the founder determines the name, registered office, purpose, assets and governing bodies of the foundation. He undertakes to endow the foundation with foundation assets (cash, securities or real estate, etc.), the income from which is used to finance the purpose of the foundation. However, the foundation can also be structured as a consumption foundation. In these cases, the founder determines in the foundation transaction the period for which the foundation is to be established and how the assets are to be used up.

The internal organization of the foundation is governed by the foundation statutes, which are also specified by the founder.

The foundation acquires its legal capacity through state recognition. For this purpose, foundations that are to have their registered office in Thuringia must submit a foundation deed and articles of association to the foundation authority. Recognition of the foundation is granted by the Thuringian Ministry of the Interior and Local Government.

Recognition is granted if the requirements under foundation law are met: Among other things, a foundation established for an indefinite period of time can only be recognized if the foundation capital yields income that can be expected to fulfill the foundation's purpose in the long term. For a consumption foundation, the capital pledged must make it appear certain that the purpose will be fulfilled within the foundation's period of existence.

In addition to the Thuringian Foundation Act (ThürStiftG), the basis for the work of a foundation is the respective foundation charter. These may contain regulations that go beyond the legal requirements and must be observed.

After recognition, the foundation supervisory authority (Thuringian State Administrative Office) must ensure that the foundation's executive bodies comply with the founder's will, the provisions of the articles of association and the statutory provisions applicable to foundations.

Source: Zuständigkeitsfinder Thüringen (Linie6PLus)

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