All Topics / Legal & Accounting / Trust Bank Account.

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  • Profile photo of olorinsledgeolorinsledge
    Member
    @olorinsledge
    Join Date: 2003
    Post Count: 50

    Hey guys,

    Got a question regarding opening a bank account for a Trust.

    I’ve got a company (ABC Pty Ltd) as trustee for a discretionary trust (XYZ Trust) – now, in whos name should the bank account be opened?

    Any help would be greatly appreciated!

    Profile photo of byronent_2byronent_2
    Participant
    @byronent_2
    Join Date: 2004
    Post Count: 337

    Name of the trust

    Byronent
    Adelaide SA

    Profile photo of p0sitiveCasHfl0wp0sitiveCasHfl0w
    Member
    @p0sitivecashfl0w
    Join Date: 2003
    Post Count: 133

    Bank account name should be in the form:

    ABC Pty Ltd As Trustee For XYZ Trust

    Who took my MONEY[?]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    The later. It can’t be in the trusts name as it is not a legal entity.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    Click below to email me

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
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Viewing 4 posts - 1 through 4 (of 4 total)

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