Entrepreneurs have various options to safeguard themselves and manage their businesses, including structures like limited liability companies, S corporations, C corporations, trusts, and more. Among these, the first three structures are frequently preferred in business operations. However, for those seeking enhanced protection, privacy, and strategic planning, trusts become a valuable consideration.
Before delving into specific types of business trusts, it’s essential to understand the concept of a trust. A trust functions as a contractual agreement among involved parties to cultivate assets for the benefit of the trust’s beneficiaries.