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Simple English definitions for legal terms

Massachusetts Trust

Read a random definition: National Daily Quotation Service

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

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@NosyBeagle: ILY2
NosyBeagle
16:55
"b-but we need to test these new que--" **loud incorrect buzzer*
@bigfatsloth: I LOVE U BIG FAT SLOTH
I agree experimental should be gone
NosyBeagle
16:57
the lsat flex was cool
the lsat flex.......haven't heard that name in years.....
16:59
Honestly it wouldnt be as bad if you could move on if you finished early. It was annoying to have to wait for all 35 minutes to run out and sit for the mandatory break
NosyBeagle
17:00
you finish early????
🚬
NosyBeagle
17:00
GOODBYE
17:00
If they could let you skip early it would be a mess. People would be saying they accidentally clicked the finish button
i took my lsat remote and my proctor disappeared during my 10 minute break for like fucking 20 minutes it was so funny
17:02
@esoterica: just make you have to say finished like 3 times, shouldnt be too hard to do
NosyBeagle
17:03
i couldn't get my lsat writing to work and the guy was like hol up and remote controlled everything for me and i was like thank uuu and then created a new writing section and now i gotta do it again
NosyBeagle
17:03
hate it here
NosyBeagle
17:04
☝️🤓 exwcuse mwr. pwroctor iw fwinished
lsac be like: give us $300 and our test MIGHT work ❤️
the remote testing room check is also so funny
because why am i down on the fucking ground showing the underside of my desk i'm crying
NosyBeagle
17:06
testing center 100
NosyBeagle
17:07
idk how tf do u cheat on this test
NosyBeagle
17:07
none of the answer are online and can't copy paste
the only way would be like somehow seeing the test beforehand (which people have attempted to do)
when they ask me to remove my hat and i reveal the rat helping me cheat on the test (ratatouille 2)
ParallelAgreeableOrangutan
17:12
yeah all I can think of is getting tips/answers from someone who took the test earlier in the weekend than you
ParallelAgreeableOrangutan
17:12
and... ig taping that info to the underside of your desk lol
i couldn't even tell u one question from the lsat i took like genuinely the only thing i vaguely remember is something about legally blonde being mentioned
ParallelAgreeableOrangutan
17:15
I remembered bits and pieces but if you look at reddit after the last day of a testing administration there is a ton of info. I guess some people out there have crazy good memories idk
ParallelAgreeableOrangutan
17:15
I would go see ratatouille 2
disney get on that NOW && there's some testing dude who slides into your dms if you post about it and asks if you remember any questions
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