What is a Charitable Business TrustA charitable business trust (CBT) is not exactly charitable as compared to public trusts, a CBT creates an arrangement between us as your trustee and you the client as our trustor, whereof we are remunerated for the services we offer which must be agreed in the trust agreement. Normally, Charitable Business Trusts are entitled to pay taxes just like any other company unless the charitable business trust is a non for profit that is exempt from paying taxes. In order to be valid, a charitable business trust must fulfill certain requirements, they include that;The trustor (YOU) must intend to create this type of trust. There must be a trustee (US) to administer the trust (YOUR ESTATE), which must consist of some Assets/Business or trust property. The charitable trust expressly designed in the idea that we do this to facilitate .A clearly definite class or group of people comprised of indefinite beneficiaries within it must actually receive the benefit/dividends of the trustors estate. The requirements of intention, the trustee, and the assetsare the same in a charitable trust as they are in any other trust.
Uniqueness of this service
Unlike the usual charitable trusts known to you, sometimes called public trusts, by according them certain privileges, such as an advantageous tax status. Before a court will enforce a charitable trust, however, it must examine the charity and evaluate its social benefits. We have continued to innovate to serve you better we have created the "Charitable Business Trust", a Charitable business trust is a private trust where a client (trustor) entrusts a certified public accountants firm (trustee) to be the trust holder for their estate in the event that the client (trustor) passes on/dies, in this case the trustee holds, manages and invests the cash and asset resources of the client in trust of the client (trustor).As CPAs we get into agreement with the client (trustor) to hold their business and assets in trust for a specified period of time after they die.We (the trustee) then accountably manage and invest the clients (trustors) wealth in progress to ensure successful business. The trust agreement must recommend personalities/firms that shall oversee/monitor/audit the activities of the appointed trustee. That way we ensure our integrity. The appointed overseer audits the activities of the trustee after every year and makes a report to the named beneficiaries of the deceased.