Massachusetts Nominee Agreement

State:
Multi-State
Control #:
US-134059BG
Format:
Word; 
Rich Text
Instant download

Description

A nominee agreement is a document whereby one person agrees to act on behalf of another person in certain matters, usually related to the legal system. All the parameters necessary to carry out the tasks envisioned must be defined within the nominee agreement.

A Massachusetts Nominee Agreement refers to a legal contract that designates a nominee to act in a representative capacity on behalf of the principal/owner of a business entity. This agreement is commonly used in Massachusetts to maintain privacy, protect assets, and ensure smooth business transactions. It is essential to understand and utilize such agreements for businesses in Massachusetts to make informed decisions and safeguard their interests. The Massachusetts Nominee Agreement establishes a relationship between the nominee and principal, wherein the nominee holds legal title to the property, assets, or shares of a company, while the principal retains the beneficial ownership. This arrangement allows the principal to maintain anonymity while effectively managing business affairs and mitigating personal liability. Keywords: 1. Massachusetts: The agreement pertains specifically to the state of Massachusetts, implying a requirement for adherence to its laws and regulations. 2. Nominee Agreement: Refers to the legal contract that outlines the relationship between the nominee and the principal, specifying the terms and conditions of the arrangement. 3. Representative Capacity: Refers to the role taken on by the nominee to act on behalf of the principal, typically involving responsibilities related to property ownership, asset management, or company shares. 4. Privacy: Indicates the primary purpose of the nominee agreement, which is to maintain the anonymity and confidentiality of the principal's identity and personal information. 5. Assets: Refers to any valuable property, investments, accounts, or possessions that are included under the nominee agreement. 6. Smooth Business Transactions: Highlighting the objective of the nominee agreement to ensure streamlined business operations and facilitate efficient transactions. 7. Protect: Emphasizes the role of the agreement in shielding the principal's assets from potential liabilities, lawsuits, creditors, or other unforeseen risks. 8. Different Types: While there may not be strict categorizations, Massachusetts Nominee Agreements can be customized according to the specific needs and requirements of each business entity. They typically vary based on the terms of the nominee's engagement, nominee's authority levels, and the scope of activities covered under the agreement. In conclusion, a Massachusetts Nominee Agreement is a legal document used in the state of Massachusetts to establish a representative relationship between a nominee and principal. It serves as a means to uphold privacy, protect assets, and ensure smooth business operations. While there may not be distinct types of Massachusetts Nominee Agreements, they can be tailored to suit the unique requirements of each business entity.

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FAQ

A nominee can also be a trustee, You can name yourself as the trustee but you cannot receive the policy proceeds or give consent for revocation of the nomination on behalf of the nominees. Only another trustee can do so. You must specify the percentage share of the policy proceeds that each nominee is to receive.

A nominee trust is a tool used to hold title to real estate. The real property is transferred from the title holder(s), into the trust, and the trust becomes the holder of the real property. In fact, real property can be held by any trust, not just a nominee trust.

A Nominee Trust is an estate planning tool that is unique to Massachusetts. It is essentially a realty trust in which the trust holds the property for the beneficiaries, but the beneficiaries are able to exercise control over the real property.

A nominee is a person or firm whose name is titled on securities or other property to facilitate certain transactions or transfers while leaving the original customer as the actual or legal owner. In this way, a nominee can serve as a custodian.

A nominee trust is an example of a bare trust: this is a simple type of trust where the trustee acts as the legal owner of some property but is under no obligation to manage the trust fund other than as directed by the beneficiary, and where there are no restrictions beneficiary's right to use the property.

A nominee trust is a tool used to hold title to real estate. The real property is transferred from the title holder(s), into the trust, and the trust becomes the holder of the real property. In fact, real property can be held by any trust, not just a nominee trust.

A nominee trust is a legal arrangement whereby a person, termed the settlor, appoint another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property.

There is a Principal/Agent relationship between the Trustees and the Beneficiaries, and it is somewhat the reverse where usually in a Grantor Trust, the Trustee instructs the Beneficiaries on what he will/is allowed to do for them, but in a Nominee Trust the Beneficiaries direct the Trustee.

Trustee vs. Beneficiary. A Trustee is a person or persons designated by trust instruments to distribute the estate assets to the trust beneficiaries. A beneficiary is an individual or entity who will receive the trust assets once the Trustee fulfills their fiduciary obligation to the Trustor.

More info

Find Boston Nominee Agreement lawyers in Massachusetts to hire. No cost to post a project to get multiple bids in hours to compare before hiring. The Massachusetts Nominee (or "Realty" Trust) Perhaps a New Tool to Protect One's HouseImagine you are observing an estate planning ...A Massachusetts limited liability company (?LLC?), on the other hand, costs $500.00 to file and $500.00 to renew each year. A nominee trust ... We, therefore, the people of Massachusetts, acknowledging, with grateful heartsdo agree upon, ordain and establish the following Declaration of Rights, ... Qualification in Massachusetts .that the limited partnership agreement restrict thebusiness trusts must file with the Massachusetts. The Contract and Its Breach. Costello's offer was presented in a purchase and sale form agreement which explicitly stated that Costello or his nominee would ... (Appointments to Fill a Vacancy) to appoint the alternate trustee.Nominee Trust in Massachusetts Real Estate Practice, 60 Mass. Utility easements in the adjoining ways. REBA Form No. 21. 2.5 Buyer may require the conveyance to be made to another person, persons or entity (?Nominee?) ... You further agree to serve as a director of the Company if so elected or appointed. The undersigned agrees on behalf of the Soliciting Party to pay the costs of ... WHEREAS, in consideration of Summit agreeing to undertake the IPO, the Company has agreed to permit Summit to designate persons for nomination for election to ...

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Massachusetts Nominee Agreement