<P> 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 . Foundations are often set up for charitable purposes, family patrimony and collective purposes . </P> <P> 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 . </P> <P> Foundations in Finland must have state approval and register at the National Board of Patents and Registration within six months from its creation . A minimum capital of € 25,000 is obligatory . A foundation can be created with any legal purpose and may have economic activity if this is specified in its Bylaws and the business supports the foundation's purpose . </P> <P> There are not many Foundations in comparison to the rest of Europe . In practice public administration requires at least € 1 million necessary . States representatives have a mandatory seat in the Board . </P>

Difference between a foundation and a non-profit corporation