Using a Trust For Business

Recently a friend suggested for our band, as we've been moving toward more expensive recording equipment, to use a trust. This was also a suggestion for my photography side business as well.

After reading thru some trust websites I don't seem to be getting any clear answers as to how it would actually work in the day to day operations.

For example, we need a new digital interface to record multiple instruments at once which costs around $850. I will also be purchasing a new R5 for my pictures side business. How does purchasing thru a trust benefit me with these examples, and is this really a practical solution or just a half-baked idea that someone heard about?

She also mentioned the possibility of using another state for a trust vs my current one for better rates?

Thanks in advance for any input.

There are many different Trust variants. I would suggest getting advice from a good accountant and lawyer well versed in this.

See a professional. Generally trusts work better for serving the interests of multiple individuals, or managing resources in the interests of a 3rd party. I'm not sure how it would benefit you as a sole proprietor over other legal instruments like àn LLC etc.