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Massachusetts Trust |
Also found in: Legal | 0.01 sec. |
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Massachusetts Trust A trust whereby the trustee or trustees run a business on behalf of beneficiaries. That is, the trustees act as the managers and the beneficiaries act as shareholders. Beneficiaries may sell their position as beneficiaries. The trustees own all property associated with the business. Income from a Massachusetts trust may be taxed more favorably than other income. The term derives from the first such trust, which was formed in Massachusetts in the late 19th century to avoid local real estate regulation. It is also called a business trust or an unincorporated business organization. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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