Why would you set up a business as a trust?

A trust can be tax effective due to the flexibility of its asset and income distribution. It can't distribute losses however, only profits. The key features of a trust business structure are: set up and operation can be expensive.

Is a Massachusetts business trust a corporation?

For Massachusetts tax purposes, a "corporate trust" is defined as "any partnership, association or trust, the beneficial interest of which is represented by transferable shares." G.L....Letter Ruling 03-4: Classification of Massachusetts Common Law Trust. Date:05/23/2003Referenced Sources:Massachusetts General Laws1 more row

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Agreement and Declaration of a Business Trust - also Known as a...

Queens New York Agreement and Declaration of a Business Trust - also Known as a Massachusetts Business Trust

Name: Queens New York Agreement and Declaration of a Business Trust - also Known as a Massachusetts Business Trust
Brand: US Legal Forms
Rating: 4.58 (374 reviews)

Category:

Trusts - Business

State:

Multi-State

County:

Queens

Control #:

US-01844BG

Format:

Instant download

Description

A Massachusetts business trust is a trust set up for the purposes of business, but not necessarily in the state of Massachusetts. They may also be referred to as an unincorporated business organization. It is an unincorporated business organization created by a legal document, a declaration of trust, and used in place of a corporation or partnership for the transaction of various kinds of business with limited liability.

A business trust differs from a corporation in that it does not receive a charter from the state giving it legal recognition; it derives its status from the voluntary action of the individuals who form it. Its use has been expanded to include the purchase of Securities and commodities.

A business trust is similar to a traditional trust in that its trustees are given legal title to the trust property to administer it for the advantage of its beneficiaries who hold equitable title to it. A written declaration of trust specifying the terms of the trust, its duration, the powers and duties of the trustees, and the interests of the beneficiaries is essential for the creation of a business trust. The beneficiaries receive certificates of beneficial interest as evidence of their interest in the trust, which is freely transferable.

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How to fill out Queens New York Agreement And Declaration Of A Business Trust - Also Known As A Massachusetts Business Trust?

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A trust set up to do business as would a company or CC. This form of trust is taxed at 45% compared to a company or CC at 28%, so it is not common. They are often created by mistake. For example, if an intervivos trust owns property from which it earns income, it is a business trust.

How Does a Business Trust Work? A trust is an agreement that allows one party, known as a trustee, to hold, manage, and direct assets or property on behalf of another party, called the beneficiary. In a business trust, a trustee manages a business and conducts transactions for the benefit of its beneficiaries.

A trust can be tax effective due to the flexibility of its asset and income distribution. It can't distribute losses however, only profits. The key features of a trust business structure are: set up and operation can be expensive.

To set up a trust, you need to: select a trustee; have a trust deed drafted; have the trust settled by a settlor; and. pay any applicable stamp duty.

A business trust is essentially the legal entity that owns the business. A business trust can have a single beneficiary or multiple beneficiaries. A business can also be owned by multiple trusts, or just by one. Trusts offer different types of legal protection than what is offered to individuals.

Trusts are usually set up for private, personal purposes; whereas corporations are set up for business and for-profit purposes. Both trusts and corporations (non-profit ones) can be used for non-profit purposes. As noted above, non-profit, charitable organizations can be operated like a trust or like a corporation.

If you are the sole Trustee of the Trust, the document used to create it is called a declaration of trust. If the there is an additional Trustee, the document used to create the trust is called a trust agreement.

Disadvantages of a Trust include that: the structure is complex. the Trust can be expensive to establish and maintain. problems can be encountered when borrowing due to additional complexities of loan structures. the powers of trustees are restricted by the trust deed.

Trust Accounts (or Trust Funds) are private legal arrangements where asset ownershipincluding cash, stocks, bonds, real estate and valuables such as antiques and works of artis transferred to a trust and managed by a person or a group of individuals for the benefit of others.

For Massachusetts tax purposes, a "corporate trust" is defined as "any partnership, association or trust, the beneficial interest of which is represented by transferable shares." G.L....Letter Ruling 03-4: Classification of Massachusetts Common Law Trust. Date:05/23/2003Referenced Sources:Massachusetts General Laws1 more row

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Queens New York Agreement and Declaration of a Business Trust - also Known as a Massachusetts Business Trust

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