Company constitutions and SMSFs
While setting up an SMSF, one of the decisions to be taken is regarding the selection of trustees. You need to decide whether individual trustees should be appointed or corporate trustees. While you might have heard that corporate trustees are beneficial against individual trustees, you might wonder, why? Apart from answering this question, this article also considers why the constitution of a corporate trustee is important and what should be included in an SMSF constitution. Why opt corporate trustee over individual trustee? There are many reasons why a corporate trustee is preferable to individual trustees for an SMSF. Here are some benefits that a corporate trustee has over individuals: Succession planning becomes more convenient when corporate trustee is there. Further, the SMSF is able to meet the trustee/member rules easily; Fund has to deal with less administration and paperwork in case there i...