Let's say I have a trust set up as "my family 100965 trust". Next, I'm starting a business, "johns big fat nasty burgers inc", can my trust own the business without having my own personal name on the business liscence?
mccarty: When my uncle passed away everything he owned including his businesses went into a living trust that his children run. He was able to set it up so that they could not sell or break up the businesses until the annual profits dropped below a certain amount.
years ago there was such a thing as a business trust, I believe they were investigated and no longer viable
however I know that the property across the street now being rented is owned by a family trust
since the people I thought were the owners have moved out completely I assume the Trust is collecting the rent, is responsible for the property with the day to day operations handled by a property management company
Yes. You can have ' My family 100965 trust' as the main owner, then you have the Trust open "My Management Company LLC", and then you have the Management company open ' John's big fat nasty burgers, inc.'
I work for a management company that is owned by a family trust and the management company 'runs' the three (very different) businesses that were Inc'd to do business.
So…do you plan on opening John's Big Fat Nasty Burgers on the East Coast? Because that is a very fine name and I would eat there.
If the business has the word "inc" or "incorporated" in its name, then it must be a legally chartered corporation in your state and thus has shareholders who are the "legal owners" of the corporation. Some state (or federal tax) laws require that a corporate shareholder be an individual who is a US citizen.
That is a good name for a burger shop.
I get it, now the keyword is trust