The legal framework governing POs in Serbia is comprised of the Law on Associations and the Law on Endowments and Foundations. The Law on Associations permits the formation and operation of unregistered groups, but registration is required if associations wish to take part in legal or financial transactions, such as opening a bank account, having employees, etc. Foundations and endowments must be registered, as they are defined as legal entities by the law. Registration of an association requires a minimum of three founders; individuals or legal entities, domestic or foreign, and anyone over the age of 14 is permitted to be a founder. The Law on Endowments and Foundations requires only one individual or legal entity to be a founder, either domestic or foreign.