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Essay Details:
Essay text:
Business trusts are unincorporated businesses,
trusts, or associations governed by a governing instrument
that provides for the property or activities of the
business trust to be owned, managed or carried on by at least
one trustee for the benefi t of at least one benefi cial owner.
The benefi cial owners are normally entitled to the same
limitation of personal liability as are shareholders of a stock
corporation.
A Virginia business trust is formed by fi ling articles of
trust with the State Corporation Commission and paying a
fi ling fee.
Foreign business trusts may register in Virginia by fi ling an
application for registration along with a copy of the articles
of trust or other constituent documents fi led in the foreign
business trust’s jurisdiction of formation duly, authenticated
by the Secretary of State or other offi cial having custody of
the business trust records in the state or other jurisdiction
of its formation...
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