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The trust is not a legal entity. The Trustee is. The trust is a legal relationship. Only a entity can complete a contract. (Human or Company) Many trusts don't pay tax so I guess its always pre-tax. Some can pay tax or may have to. (eg non-resident beneficiaries) The trust income flows to...

The Trustee (Co) merely manages the Trust. The Trustee borrows but the loan is really a trust liability. The Trustees name appears of all documents etc but reality is just think of The Trust. Trusts aren't a legal entity so they can enter into contracts etc. They must have the Trustee do this on...