Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Massachusetts Trust

Read a random definition: advisory counsel

A quick definition of Massachusetts Trust:

A Massachusetts trust is a unique type of trust used by people to run a business outside of the normal legal entities like a corporation or partnership. It is owned by multiple individuals who have liability only up to the amount of their investment, like shareholders of a corporation. The trust is managed by a set of trustees who must follow extensive rules in the creating documents and often bylaws that may not exist in other kinds of trusts. Massachusetts trusts differ greatly from most other types of trusts, having characteristics resembling corporations, trusts, and partnerships. They were first used in the early 1800s to avoid certain corporate laws regarding investment in real property in Massachusetts. Most of the early Massachusetts trusts and many to this day are used for real property investment purposes.

A more thorough explanation:

A Massachusetts trust is a type of trust used by people to run a business outside of the usual legal entities like corporations or partnerships. It is also known as a common-law trust, business trust, or unincorporated business organization. This type of trust can be created in many states and countries, not just in Massachusetts.

Massachusetts trusts are owned by multiple individuals, and each person is only liable for the amount of money they invested. This is similar to how shareholders in a corporation are only liable for the amount of their investment. The trust is managed by a group of trustees who must follow specific rules outlined in the trust documents and bylaws.

Massachusetts trusts are different from other types of trusts because they have characteristics that resemble corporations, trusts, and partnerships. However, the legal status of Massachusetts trusts varies from state to state. Some states do not recognize them at all, while others allow them to be sued directly.

One of the main reasons people use Massachusetts trusts is for real estate investments. However, over time, the benefits of using this type of trust have decreased due to changes in tax and governance laws.

John and Jane want to start a business together but do not want to form a corporation or partnership. They decide to create a Massachusetts trust instead. They each invest $10,000 into the trust and become trustees. The trust is managed according to the rules outlined in the trust documents and bylaws.

In this example, John and Jane are only liable for the amount of money they invested in the trust. The trust is managed by the trustees, who must follow specific rules. This illustrates how a Massachusetts trust can be used as an alternative to traditional legal entities like corporations or partnerships.

Massachusetts | Master and Servant

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
20:07
I am semi proficient in spanish.
20:08
nice same. This sounds bad but I do not like how spanish sounds.
20:09
or english for that matter
20:09
There is nothing wrong with that. I like all the languages. It is tones that annoy me.
20:10
and fabrics
20:14
@GalenMeric: Sorry, tones is what I meant. Are you a wool fabric fan?
20:40
I think my only wool piece is my suits, and I like those quite a bit.
21:11
Wool is the best fabric
21:12
I only buy wool, denim, leather, and loop wheel cotton
21:31
@NemoPropheta: Im on that polyester, nylon, spandex, rayon, and fleece grind fam
21:32
jk but fr: I was watching how to fold dress shirts so they do not wrinkle, and the dude did his folding on a wool blanket so that the wool fibers grabbed the cotton shirt (like velcro), that is smart asf
21:32
That is smart
21:33
I want a weatherwool blanket
21:33
But I hang my shirts but Ive heard arguments against it
21:34
Generally I fold knitwear and hang everything else
21:35
Cant wait to get that big law money and spend it all on clothes 🙏
21:37
@NemoPropheta: his point was to protect the collar at all costs, therefore fold most shirts. I HATE when collars be acting out, so I will adpot his method: https://www.youtube.com/shorts/QaVKudd36zc?feature=share
21:38
oh fr wearin a suit is so fun t. someone who wears a suit seldomly
21:40
Yeah that makes sense, I do hate when my collar stick out at the sides, I cant figure out how to iron them so they maintain their shape
21:48
collar stays may be the answer. also, shirt stays are goated
21:50
@NemoPropheta: those look so nice, but i feel like one spec of dirt or one crease will ruin ur week, even if the money means nothing?
23:18
Idk I like worm i
23:19
bruh
23:19
I like worn in leather, and dirt is easy enough to clean off*
OrangeThing
23:27
Am I still muted on here
OrangeThing
23:27
Oh I guess not
OrangeThing
23:27
Hello all
f$ll to MarqU baby
Ur-
0:34
@OrangeThing: Welcome back Renard99
LSD+ is ad-free, with DMs, discounts, case briefs & more.