Do All Public / Operating Trusts Require a Bank Account

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• Are Operating Trusts Always Public

  Yes. This type of trust will typically have public contracts (a bank account, credit cards, loans, etc.).

• Where Should Public Assets (Accounts, Stocks, Bonds) Be Held

  Funds in the public realm are typically held in an Operating Trust, which is a public entity itself. Further,  one can have multiple Operating Trusts.

• Should An Operating Trust Be Trustee for Master Trust or Other Trusts

  That would be dangerous. The Operating Trust, being a public entity, could potentially enter into public contracts that expose the Master Trust.

• What Does One Need To Open A Trust Bank Account

  First, ensure the Trust Corpus and forms are properly filled out (do not sign them yet). Next, get the EIN from the IRS, online. With these materials in hand, set up an appointment for one of the following banks: Chase Bank TD Ameritrade PNC CitiBank ...

• Is A Corporation Necessary (or) Is An Operating Trust Better Than A C-Corp

  A C-Corp is not necessary, but serves in lieu of an Operating Trust. A C-Corp is highly recommended for students with a business that earns $100,000+ a year. The upsides to a C-Corp is the ability to have a CPA file any taxes that may occur for a ...