NEWSLETTER-2017

363 MISCELLANEOUS The Assignment of an Economic Enterprise to the Foundation As specified above, another method for foundations to operate an economic enterprise in order to actualize their objectives is the assign- ment of an economic enterprise to the foundation during the establish- ment phase of the latter. 7 Pursuant to Art. 101/2 of the CC, the entire assets or any kind of income, the rights with economic value that are eventuated or that are expected to be eventuated may be devoted to the foundation. Considering this inclusionary content of this provi- sion, one may also infer that assignment of an economic enterprise is possible during the establishment phase of a foundation. In this case, as the asset in question is an assigned value which is not in cash, the founders are required to have identified such asset before the courts 8 . The Elements of Economic Enterprises that belong to Foundations It is crucial to state that although the terms “economic enterprise” and “commercial enterprise” are utilized interchangeably, these two terms may signify different meanings 9 . In this regard, in the doctrine it is stated that the term “economic enterprise” has a more inclusive con- text as to include the concept of commercial enterprise 10 . For instance; the concept of economic enterprise includes the enterprises that do not exceed the threshold stipulated for craftsmen enterprises 11 . In this respect, the condition that requires commercial enterprises to exceed the threshold stipulated for craftsmen enterprises is not applicable for economic enterprises. Nevertheless, the factors that are stipulated un- der Art. 11 of the Turkish Commercial Code (“TCC”) No. 6102, which are; aiming for obtaining income, continuity and independence are the 7 Doğan; Narbay, p. 442. 8 Demir, İlhan, p. 78. 9 Ballar, Suat: “ Medeni, Ticari ve Mali Hukuk Yönünden Dernek ve Vakıfların İktisadi İşletmeleri ”, Journal of Banka ve Ticaret Hukuku Dergisi, June 1990, Issue 3, p. 105. 10 Aydın, Erkan: Gelir Vergisi ve Kurumlar Vergisi Açısından Vakıfların Vergile- ndirilmesi, İstanbul 2016, p. 37. 11 İmregün, Oğuz: Kara Ticareti Hukuku Dersleri, İstanbul 1987, p. 10-13.