Nominee Trust Form For Company
Description
How to fill out Nominee Trust?
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FAQ
The Nominee Structure The principle of a nominee structure is that the shareholdings of individual minor shareholders are transferred to a single shareholder entity with the sole purpose of holding those shares on trust for the shareholders.
The trustee may have to file a return if the trust meets any of these: The trustee or beneficiary (non-contingent) is a California resident. The trust has income from a California source.
Thus, the nominee is owner in name only. He is the registered legal owner, holding the shares on trust for the beneficiary, who has an equitable interest. A nominee may be an individual, partnership or company. In fact, a company is most frequently used, for both inherent and incidental reasons.
The trustees do not file income tax returns - the activities of the trust are shown on the tax returns of the beneficiaries.
The decedent's Social Security Number can no longer be used to report income from the trust as was done before their death. Instead, all income earned by the trust must be reported under a tax identification number.