Loni,Michel,and Nita are investors in Oceanic Exploration,a busi?ness trust.A business trust is managed by its

Question

Quizplus · Accepted Answer

A business trust is managed by its trustees, who hold legal title to the trust property and are responsible for managing the business and making decisions on behalf of the trust and its beneficiaries. The trustees are held to a fiduciary duty to act in the best interests of the beneficiaries and can be held liable for any breaches of this duty. Directors, officers, general partners, and managing members are typically associated with other types of business entities, such as corporations, partnerships, and LLCs, and do not apply to business trusts.

Loni,Michel,and Nita Are Investors in Oceanic Exploration,a Busi?ness Trust