Statutory trust
A trust formed by filing a certificate of trust. It has its own legal personality, and its beneficial owners have limited liability.
- Entiva fee to form
- $599
- Government fees to form
- $1,000
- Run plan
- $39 a month
- Steps to form
- 10
- Ongoing filings
- 10
- Ways to close
- 4
Who it suits, and what defines it.
The facts that decide whether it fits.
Who it suits
- Investment funds.
- Securitisations, which pool assets to back investments.
- 1031 exchange (DST) structures.
Key facts
- Liability
- Limited for beneficial owners
- Legal status
- Separate legal personality
- Trustee
- Delaware trusts need a qualifying Delaware trustee
- Delaware annual tax
- None, and no annual report
- Wyoming annual tax
- $100, due on or before January 2
- Delaware law
- Statutory Trust Act, 12 Del. C. ch. 38
- Wyoming law
- W.S. 17-23
- Nevada law
- NRS ch. 88A (business trusts)
What the law requires.
5 rules, each in plain words.
A certificate of trust
Filing it with the state forms the trust.
A governing instrument, called the trust agreement
It is drafted and finalised before or when the certificate is filed.
A qualifying trustee in Delaware
One trustee must be a Delaware-resident individual or have its principal place of business in Delaware (12 Del. C. §3807(a)).
A registered agent and office in the formation state
Wyoming annual tax of $100
Due on or before January 2, with a $100 penalty if not paid by February 1.
How Entiva forms it.
10 steps. Entiva prepares and files each one, and collects every signature the law needs.
The steps
10 steps- 1Reserve the trust nameOnly if needed
Optional. A Delaware or Wyoming reservation holds the name for 120 days.
- 2Adopt the trust agreement
Drafted and finalised before or when the certificate is filed. It is not filed with the state.
- 3Appoint the trustee
At least one trustee. In Delaware, one must be a Delaware-resident individual or have its principal place of business in Delaware.
- 4File the certificate of trust
State fee: $500 in Delaware, $100 in Wyoming.
- 5Appoint a registered agent and office
The registered agent receives legal papers served on the trust. Both it and the office are in the formation state.
- 6Request faster handling of the filingOnly if needed
Optional, with the filing. The state's expedite charge is passed on at cost and Entiva adds nothing.
- 7Get an EIN online
The EIN is the trust's IRS tax number. It is free and issued immediately when the responsible party has an SSN or ITIN (US taxpayer numbers).
- 8Apply for an EIN on paper Form SS-4
For a responsible party without an SSN or ITIN. No ITIN is needed to get the EIN.
- 9File the BEA BE-13 survey if foreign-owned
BE-13 or a claim for exemption, filed with the US Bureau of Economic Analysis (BEA).
- 10Authorise Entiva to act with the IRSOnly if needed
Optional. Form 2848 lets Entiva represent the trust. Form 8821 only gives access to tax information.
Documents
7- Certificate of trust
- Trustee acceptance
- Trust agreement
- State filing receipt
- Stamped certificate of trust from the state
- Form SS-4 third-party designee authorisation
- EIN confirmation from the IRS
Who takes part
6- Every individual trustee: identity and address checked
- Settlor, sponsor or depositor who funds the trust: identity and address checked
- Holders of 25% or more of the beneficial interests: identity and address checked
- Every individual with 25% or more, plus one with control: ID and address checked
- The IRS responsible party for the EIN: photo ID, selfie and SSN or ITIN
- High-risk parties also give source of funds and source of wealth
What has to be filed, and when.
Entiva tracks every deadline from the day it is formed, and files before each one.
Every year, and as things happen
10 filings- File the Wyoming annual report and pay the $100 tax
On or before January 2; $100 penalty if not paid by February 1
- File the foreign bank account report (FBAR)
April 15, extended to October 15. Only if foreign accounts exceed $10,000
- File the BEA BE-15 annual survey if foreign-owned
About May 31, on BEA's annual schedule
- File the BEA BE-605 quarterly report
Over $500 million in assets, sales or income; within 30 days of quarter end (45 for Q4)
- File Forms 1099-NEC and 1099-MISC for contractors
January 31 for Form 1099-NEC
- File Forms 1042-S and 1042 for payments to foreign persons
March 15, only if payments go to foreign persons
- File the Delaware unclaimed property report
March 1, for Delaware trusts holding property
- Renew the Delaware transparency standards statement
October 1 to December 31, only if a Standards Statement was adopted
- Prepare the year-end accounts
Within the reporting period set by the trust agreement
- Order a certificate of good standing
When a bank or counterparty asks for one
The changes Entiva handles.
Each change is prepared, approved, signed and filed.
The most common changes
10 changes- Replace a Delaware trustee
- Appoint an additional or replacement trustee
- Change the registered agent
- Change the registered office
- Change the trust's name
- Amend the certificate of trust
- Correct an error in a filed certificate
- Register to do business in another state
- Convert to another entity type
- Merge with another entity
How it closes.
4 routes. The right one depends on whether it can pay its debts, and who starts it.
Voluntary dissolution and cancellation
The term ends, the purpose is achieved, or the trustees or beneficial owners decide under the trust agreement.
- 1
Dissolve the trust as the trust agreement and 12 Del. C. §3808 allow
- 2
Wind up, pay or provide for liabilities, and distribute assets
- 3
File the final federal tax return
- 4
File the certificate of cancellation
- 5
Withdraw from each state where it registered
- 6
Close the IRS business account (EIN)
Merger or conversion out
The trust is reorganised into or with another entity.
- 1
Merge or consolidate with another entity
- 2
Or convert into another entity type
- 3
Close the EIN if it is not carried over
Continuation out of Delaware
The trust moves its legal home out of Delaware.
- 1
Pay all Delaware fees
- 2
Transfer the trust out of Delaware
State dissolution and restoration
Wyoming annual tax is unpaid, or the trust loses its registered agent.
- 1
Record the state's dissolution
- 2
Revive the trust
What Entiva does for you.
From the first filing to the last.
Statutory trust
- Files the certificate of trust with the state.Formation
- Prepares the trust agreement from a template or your own text.Formation
- Files the certificate of amendment that names the Delaware trustee.People
- Names the registered agent and office, and records the individual contact the registered agent holds.Ongoing
- Applies for the trust's EIN online once the responsible party signs.Formation
- Files the Wyoming annual report and pays the $100 tax.Ongoing
Build it with the API.
Every step on this page is an action in the Entiva API, with its documents, signatures and filing.
What it costs, item by item.
Every Entiva fee and every government fee, from forming it to closing it.
Forming it
$599one-off
- Government fees
- $1,000
Steps marked only if needed are not counted.
Closing it
Quoted before it starts
- Entiva fee
- Fixed, quoted first
- Government fees
- At cost
Included in the Run plan
- Registered agent in your state
- File Forms 1099-NEC and 1099-MISC for contractors
- File Forms 1042-S and 1042 for payments to foreign persons
- File the Delaware unclaimed property report
- Renew the Delaware transparency standards statement
- Prepare the year-end accounts
- Routine changes
- Every deadline tracked
Extra, at a fixed fee
- File the BEA BE-13 survey if foreign-owned
- File the foreign bank account report (FBAR)
- File the BEA BE-15 annual survey if foreign-owned
- File the BEA BE-605 quarterly report
- Register to do business in another state
- Convert to another entity type
- Merge with another entity
Each extra is quoted before it starts, and nothing is done until you approve it.
Forming it
Entiva's formation fee is $599, one-off. Government fees are passed through at cost.
Delaware $75 for a 120-day reservation.
Delaware $500. WY $100.
DE per document: 1-hour $1,000; 2-hour $500; same-day $100 or $200; 24-hour $50 or $100. WY: next business day $700, same business day $1,400.
Excludes steps marked only if needed.
Every year
The Run plan costs $39 a month ($468 a year).
Annual tax $100; $100 penalty if not paid by February 1. Reinstatement tax $200.
Renewal $200 a year.
Delaware short form $50; long form $175. Wyoming free online, $20 on paper. Nevada $50.
Changes
Routine changes are included in the Run plan.
$500 plus $100 for each additional statutory trust named in the certificate. The quote adds $100 per entry in additional_trusts.
Delaware: $50 for corporations, LLCs, LPs and partnerships; expedite 24-hour $100, same-day $200. Wyoming $5. Nevada $60.
Delaware $50; expedite 24-hour $100, same-day $200. Wyoming $5. Nevada $60.
Delaware: corporation $214; LLC $220; LP $200; statutory trust $500; foreign corporation name-change amendment $100. Wyoming $60. Nevada $175.
Delaware: corporation amendment or restated certificate $214; LLC $220; LP $200; statutory trust $500. Nevada $175. Wyoming $60.
Delaware corporations: $199, $214, $234, $259, $224, $2,599. Delaware LLC $220; LP/LLP/GP $200; statutory trust $500. Wyoming $60, $25.
Delaware figure: foreign corporation qualification $245; foreign LLC $200; foreign LLP statement $300 per partner. WY $150.
Delaware figure: other entity into a DE corporation $184 plus Certificate of Incorporation. DE corporation to non-DE entity $234. Into or out of a DE LLC $220. LP $200; statutory trust $500.
Delaware figure: corporation $259; LLC $220; LP $200; statutory trust $500; foreign corporation merger $50. WY $60.
Closing it
Closing is a fixed-fee project, quoted before it starts.
Delaware statutory trust $500.
Delaware foreign corporation withdrawal $175; foreign LLC, LP or partnership cancellation $200. NV foreign corporation $100, NV LLC cancellation $100. WY $60.
Delaware figure: corporation $259; LLC $220; LP $200; statutory trust $500; foreign corporation merger $50. WY $60.
Delaware figure: other entity into a DE corporation $184 plus Certificate of Incorporation. DE corporation to non-DE entity $234. Into or out of a DE LLC $220. LP $200; statutory trust $500.
Delaware figure: corporation $1,069. LLC $220; LP $200; statutory trust $500.
Delaware corporation revival $189 plus all back taxes, penalties and interest; LLC revival $220; LP $200; LLP/LLLP reinstatement $200; foreign corporation reinstatement $125.
Entiva fees are in US dollars. Government fees are in the currency each authority charges, passed through at cost when the filing is made. Taxes are separate.
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