Company Setup

 

A trust that is effective during life is called an inter vivos trust while a trust that is effective only afterlife is a testamentary trust. Company Setup Trust accounting involves separating the expenses of a trust into different categories. This separation of expenses will help determine the proper treatment for tax and accounting purposes. If there are business expenses carried on by a trust, these expenses must be identified and offset against income when it comes to the calculation of overall business profits. Expenses that are related to a certain type of income need to be recorded separately as well. For example, expenses related to owned or rental property in a trust must be recorded separately. The expenses will be offset against the rent received from the property to calculate the net income. Whether you need personal financial statements prepared to obtain financing for your next business venture or you simply need to outsource your trustee duties, SS&H professionals will provide you with the guidance and information you need.