386.370 Definition of business trust, business entity, and name of record.

159 words·~1 min read·/ky/chapter-386/386-370

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)A business trust is an express trust created by a written declaration of trust whereby

property is conveyed to one

(1)or more trustees, who hold and manage same for the

benefit and profit of such persons as may be or become, the holders of transferable

certificates evidencing the beneficial interest in the trust estate. For the purposes of

KRS 386.370 to 386.440, business trusts shall include but are not limited to "Real

Estate Investment Trusts" as defined by and which comply with the Federal Internal

Revenue Code of 1986 as amended or such section or sections of any subsequent

Internal Revenue Code as may be applicable to real estate investment trusts.

(2)"Business entity" means a domestic or foreign limited liability company,

corporation, partnership, limited partnership, business or statutory trust, and not-for-

profit unincorporated association.

(3)"Name of record with the Secretary of State" means any real, fictitious, reserved,

registered, or assumed name of a business entity.