If I have a Maryland rental property in a Virginia land trust (Virginia trustee), with a Wyoming LLC beneficiary, where is the trust doing business if the trustee signs the lease?
Jim, first the Trustee could sign the lease but i would not suggest you do that. I like to use individuals (as apposed to entities) as Trustees. Consequently, I do not want them involved in the management of the property held in the trust. I just want the Trustee to hold the title and do NOTHING ELSE! If you follow this philosophy, you will need the “property manager” to sign the lease on behalf of the trust.
Secondly, while the Trust could be deemed “doing business” in Maryland (in your example above), Trusts are not required to “register” in most states (and to my knowledge, they are not required to register in Maryland). So, no registration would be required.
Mr. Land Trust