What is an association?
Last updated: 30 December 2016.
An association is a non-profit organization with members, whose intention it is to front causes of idealistic, political or other character.
If the association is involved in sports activities, humanitarian work or other voluntary activities, you can register your club or association.
Assets and surplus
The surplus, the debt, or the assets cannot be divided between the members, as opposed to a limited company, where the owners can receive dividends from the company.
The legal conditions of an association is not regulated by a separate law. However, there are principles developed over time, that are used in order to establish whether an entity is qualified to register as an association.
Once the association is registered, you are obliged to update the registered information whenever changes are made.