Where Form 2220 Trusts 2023-2024

This is the secured entrepreneurs shell and I'm your host, or add a welcome and thank you for joining me here for the 10th episode of the secured entrepreneur show. Today, I'm going to talk to you about business trusts versus corporations. I'm seeing more clients who are choosing to go the business trust route. These are entrepreneurs who would have otherwise created an S or C corporation. However, they have found that the trust structure provides way more of the protections that they're looking for regarding their personal and business assets, as well as investments. I'm Aurora de protecting your business starts before you open for business. I'm helping more entrepreneurs create business trusts because they're attracted to the privacy that the entity affords them. Understanding the true power of this entity, they appreciate not having to file anything with the Secretary of State, unless, of course, they're servicing the public with something like insurance or something in the financial industry like banking, etc. For the most part, the trust happens to be a private arrangement between the parties who are involved. It gains its status via voluntary action by these individuals. So there's no need to obtain a charter from the state. Given this legal entity recognition, there are no Articles of Incorporation, no annual reporting, no initial court reports to file with the state for a fee that could prove to be rather expensive. Anyone who has ever started a corporation is well aware of this process. Now, our business Trust is an unincorporated business organization created by a legal document. It's better known as a declaration of trust and it's used in place of a corporation or partnership for the transaction of various kinds of business with limited liability. Very much like a traditional trust, the...