A foundation is a type of non-profit organization founded by owners having a common interest. Starting a foundation is easy; the only thing to do are registering with the Enterprise Register by submitting the form and other documents. Foundations can decide to make changes to some of their details for instance the legal address, true beneficiaries, purpose, and name. Since the names of foundations are normally stated in their articles of association, their purpose can be revised with changes to the names of the foundations. This must be done after the board members meet to decide on the change in accordance with the rights and obligations in the articles of association. Registering a change of name in the Register of associations and foundations takes seven days to process.
If you are a founding member thinking of a change of name for the foundation or you are interested in learning about changes permissible to be made to organizations, here is a guide that provides the information you seek.
Stages to changing the name of foundations
Changing the names of foundations can be done with these six easy steps: check the name, convene a board meeting, revise the articles of association, fill out the application form, pay the state fees and submit the form and requested documents.
Check the name
The names of the organization must be distinct from other existing entities registered with the Enterprise Register. In the case of a change of name, a foundation has to check if it is available to prevent selecting an existing name. The following are conditions to consider when changing a new name:
- It must satisfy the laws and regulations
- It must be unique and different from other names
- It should not contain false information about what the foundation is and its activities
- Digits are permissible
- It must be spelled with Latvian or Latin characters, etc.
Convening a board meeting
To decide to amend the name of a foundation, a meeting of all founding members must be held. Once this is done, the minute shall be signed by its leader and endorsed by others at the meeting. The minute should include the following:
- The foundation’s name and registration number
- Location of the meeting
- Number of total members and those present
- The decision that was taken and voting result, et cetera
Prepare the articles of association
A statute contains the acts driving the conduct of organizations and the rights and duties of the board. Should any change be made to an organization, it must be included here. Once the change to the name is decided, the management board will sign the revised documents before submitting them.
Fill out the application form
The application form B3 should be obtained and filled out before submitting a duly signed copy. The form must be tendered along with other documents electronically or via post.
Pay the state fee
The fee is a charge paid by applicants before the application is submitted. This payment should be made two days before the submission. The fee (EUR 8,54) is usually paid to the Treasury account of the state at any bank in the country in person or via credit card.
Submit the form and requested documents
The final stage of the process is submitting the form and the requested documents to the Enterprise Register. After it confirms the payment, the application is processed, and the change is entered into the register of associations and foundations. The following are the documents required; Application form B3; Amended version of articles of association; Report of the meeting the decision was taken; Receipt, copy, or proof of paying the state fee.