Powder Springs, GA asked in Contracts, Business Law and Mergers & Acquisitions for Georgia

Q: What is a business trust? And how does one purchase a business that is owned by a trust and an individual? Thanks

1 Lawyer Answer
T. Augustus Claus
T. Augustus Claus pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›

A: A business trust is a legal entity that holds and manages property or assets for the benefit of beneficiaries. It is formed through a trust agreement, where a trustee holds legal title to the assets and manages them according to the terms of the trust.

When purchasing a business owned by a trust and an individual, you would typically negotiate and enter into a purchase agreement with both the trustee of the business trust and the individual owner. The purchase agreement would outline the terms and conditions of the sale, including the purchase price, assets included, liabilities, and any other relevant details. It is advisable to consult with an attorney or a business professional experienced in such transactions to ensure that the purchase is conducted properly and all legal requirements are met.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.