Massachusetts Trust in United States

Massachusetts Trust Definition

A trust created for the operation and conduct of a business enterprise; also known as common law companies, and business trusts.

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Legal Issue for Attorneys

A trust created for the operation and conduct of a business enterprise; also known as common law companies, and business trusts.

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This definition of Massachusetts Trust is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Practical Information

Note: Some of this information was last updated in 1982

A business association formed under a deed of trust (see more about trust law in U.S. here), but not necessarily one that is operated in Massachusetts. It is really a contract between the trustees and beneficiaries. It is also known as a business trust, unincorporated business organization (UBO), Massachusetts Business Trust (MBT) or a common-law trust. Its structure closely resembles that of a corporation (in U.S. law). The interests of the beneficiaries are represented by certificates (in U.S. law), frequently called certificates of stock, which may be divided into several classes of common stock (in U.S. law) and preferred stock (in U.S. law) and may be listed on stock exchanges. The trustees correspond to the directors and the certificate holders to the stockholders. The trustees manage the property and pay dividends out of the profits. They usually appoint and remove the officers. Unlike a corporation, the management is permanent. The trustees are personally liable in dealing with outsiders unless they clearly indicate that they are acting as trustees and that the creditors shall look only to the trust property for all payments.

Massachusetts trusts are regarded as corporations under many taxing statutes and federal acts. However, the terms “business trust” or “Massachusetts trust” are not used in the Internal Revenue Code. The duration is limited by statute in most states, but the parties interested at the time the trust expires can agree to another trust.

in Washington

Massachusetts trust defined

A Massachusetts trust is an unincorporated business association created at common law by an instrument under which property is held and managed by trustees for the benefit and profit of such persons as may be or may become the holders of transferable certificates evidencing beneficial interests in the trust estate, the holders of which certificates are entitled to the same limitation of personal liability extended to stockholders of private corporations.

Filing trust instrument

Any Massachusetts trust desiring to do business in Washington must file with the secretary of state a verified copy of the trust instrument creating such a trust and any amendment thereto, the assumed business name, if any, and the names and addresses of its trustees.

Sample format for Massachusetts Trust filing

Pursuant to the provisions of RCW 23.90, the “Massachusetts Trust” desiring to do business in the State of Washington must submit the following statements:

1. Name (and the name under which it will do business in the State of Washington)

2. Created under the laws of _______________ state

3. Date of creation and term of existence

4. Address of principal office in state under the laws of which it was created

5. Purpose(s) which it proposes to pursue in the transaction of business in Washington State.

6. Name and address of its trustees

7. Name of the appointed registered agent/registered office address residing in Washington State

8. The number of beneficial shares or units

(Revised by Ann De Vries)

What is Massachusetts Trust?

For a meaning of it, read Massachusetts Trust in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Massachusetts Trust.