>So I think it is very clear that the trust is not an entity that
holds property but a contract (deed) between a settlor and trustee
(s). The assets are owned by the trustee(s). Anyone employed by a
trust is employed by the trustee(s). Any trading done by a trust is
done by the trustee(s). There is no entity, only persons (settlor,
trustee(s) and beneficaries). A trustee may be a natural person or a
corporation (i.e.corporate trustee), but the trust itself is not a
person or entity. The trust deed binds the trustee to use the assets
held by the trustee in trust for the benefit of the beneficiaries.
I suggest you re-read the snippet you provided. A trustee holds
property 'in trust' for some designated person or cause. It does not
belong to him. This is why, for instance, if you arrange your affairs
properly you can be bankrupt while benefitting from payments and/or
the use of property held by a trust, and the property can't be seized
by your creditors. Trusts must be legally authorised (the Common Law
Trust people notwithstanding) by the law of the juristiction they are
based, and as such are legal entities. You can sue a trust, you can
get a salary from a trust, in some cases trusts must pay tax.
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