Practice note on trust corporation set-up

first_imgThe Law Society has published a practice note aimed at firms considering establishing a trust corporation.Trust corporations have traditionally been owned by high street banks or firms with substantial private client departments. However, some new entrants into the legal market are combining them with a consumer brand to provide legal services, while more established law firms are creating them in response to demand.Trust corporations are separate entities to the parent partnership or LLP, so carry a separate risk, and require £100,000 paid-up capital in cash. The note covers the practicalities of establishing a corporation, including regulatory requirements.last_img

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