Trust

A trust is an obligation imposed on a person - a trustee - to hold property or assets (such as business assets) for the benefit of others, known as beneficiaries.

Key aspects of a Trust

  • can be expensive to set-up and operate.
  • require a formal trust deed that outlines how the trust operates.
  • require the trustee to undertake formal yearly administrative tasks.
  • if you operate your business as a trust, the trustee is legally responsible for its operations. A trustee of a trust can be a company, providing some asset protection.
Knowing the main features of a trust business structure may help you decide if this structure is best for your business.

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