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A trust is a structure where a trustee (an individual or a company) carries on business for the benefit of other people (the beneficiaries). It's set up through a formal trust deed which outlines how the trust will operate.
A trust is not a separate legal entity. The trustee is legally responsible for the operation of the trust, and legally liable for the debts of the trust. Commonly however, the trustee is a company (a corporate trustee), which can reduce liability.
A trust can be tax effective due to the flexibility of its asset and income distribution. It can't distribute losses however, only profits.
Before deciding on your business structure, it's important to get professional advice from a business adviser, solicitor or accountant. They can help you choose the structure that best suits your personal circumstances and business objectives.
Please feel free to have a chat to the expert team at Taxfin Business Services who can help you in the process of setting up, Accounting and tax filing of the Trust structure.
