 
WHY IS A TRUST BETTER THAN A PARTNERSHIP?DifferencesA Trust is more manageableA Trust is more privateA Trust has better rulesA Trust can operate with less court activityA Trust is saferA Trust is more transferableA Trust is more flexibleA Trust can be set up instantlyA Trust is legal in all jurisdictions without permissionA Trust is usually not required to be registeredA Trust does not require renewal fees annuallyA Trust does not have to disclose directorsA Trust can change management easilyA Trust continues after death or incapacityA Trust may not have to file tax returnsA Trust can easily change beneficiariesA Trust can be a low cost organization to begin a businessActually, a trust is not always better than a partnership. There are some situations where a partnership, corporation, or an LLC may be expected. For instance, it may be easier to operate a retail store that requires city licenses. Sometimes business documents are presented to partnerships, LLCs, or corporate officers that ask for a business signature. A trust may (or may not) conduct business, and the uninformed may not easily understand or believe a trust can conduct business. Often for instance, bankers will state that an account "must" be a "business account" in order to have an account. Other bankers will often state just the opposite.  |