An unincorporated organization created and managed by “trustees” for the benefit and profit of persons who hold or may acquire transferable certificates. Similar to stock certificates of a corporation, trust certificates provide individual holders evidence of interest in a trust estate.

A Business Trust Organization often is called a “common-law trust” but this phrase is not descriptive of any of the peculiar characteristics of such organizations.

The basis for the terminology “common-law trust” is that they are created under the common law of contracts and do not depend upon any statute.

As indicated by its name, a Business Trust is an estate adapted to business or commercial activities. Reduced to its bare essentials, the Business Trust Organization consists of a combination of capital vested in trustees who manage the entity profitably for trust holders of beneficial interest.

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