Nolo's Plain-English Law Dictionary

Legal Dictionary Home

Need Professional Help? Talk to a Lawyer

Enter Your Zip Code to Connect with a Lawyer Serving Your Area

searchbox small
Massachusetts Trust
A legal trust set up for the purpose of doing business. Investors give management authority to a trustee and receive "trust certificates" representing their investments. Since they own only the certificates and do not participate in management, the investors are not personally liable for any debts of the trust. Similar to a "limited partnership," a Massachusetts trust does not need to be set up in Massachusetts.
LA-NOLO3:DRU.1.6.1.20140626.27175