Entity Primer

  1. Trust
    1. What is it? A right of property, real or personal, held by one party for the benefit of another
    2. How is it created? A trust may be established by a Last Will and Testament (Testamentary Trust) or by a Trust Agreement (Inter Vivos Trust). An Inter Vivos Trust may be Revocable or Irrevocable.
    3. Who may act on its behalf? Trustee or Trustees as indicated in the Trust Agreement
  2. Estate
    1. What is it? Total property of whatever kind that is owned by a decedent (person who dies) prior to distribution according to will or intestate succession
    2. How is it created? Upon a property owner’s death, a Petition for Probate is filed in the jurisdiction where the property is located and Letters of Administration are issued by the Probate Court or Register of Wills
    3. Who may act on its behalf? Personal Representative(s) as named in the Letters of Administration
  3. General Partnership
    1. What is it? A voluntary contract between two or more persons to place money, effects, labor and skill, or some or all of them, in lawful commerce or business for the joint benefit of all concerned.
    2. How is it created? By executing or having a Partnership Agreement
    3. Who may act on its behalf? Absent anything contrary in the agreement, any partner may act on behalf of the partnership
  4. Limited Partnership
    1. What is it? A partnership consisting of one or more general partners, jointly and severally responsible as ordinary partners, and by whom the business is conducted, and one or more special, or limited, partners contributing in cash.
    2. How is it created? By executing a Limited Partnership Agreement
    3. Who may act on its behalf? Absent anything contrary in the agreement, only a General Partnermay act on behalf of the partnership.
  5. Corporation
    1. What is it? An artificial person or legal entity created by or under the authority of the laws of a state or nation, ordinarily consisting of an association of numerous individuals.
    2. How is it created? Articles of Incorporation are filed with the State Department of Assessments and Taxation and By-laws are created identifying responsibilities.
    3. Who may act on its behalf? Absent something contrary in the By-laws, only the President and Vice President may act on behalf of the Corporation with attestation by the Secretary of the Corporation.
  6. Limited Liability Company (LLC)
    1. What is it? An unincorporated business organization organized and existing under the appropriate Limited Liability Company Act.
    2. How is it created? Articles of Organization are filed with the State Department of Assessments and Taxation and an Operating Agreement is created identifying responsibilities
    3. Who may act on its behalf? Absent something contrary in the Operating Agreement, the Managing Member may act on behalf of the LLC.
  • Business Entity Information:

Certificate of Good Standing:

Issued by SDAT/DCRA certifying entity is registered to do business in jurisdiction