The common law definition of a business is an investment of capital or property by individuals which creates the means to carry on towards the goal of generating a profit. Every state recognizes different legal formats to conduct business. The simplest and most common is the sole proprietorship . Other forms include partnerships, limited liability company and of course corporation status (S-Corporation is a federal tax option of a corporation). However, two states actually recognize another legal format - business trusts.
A business trust is a hybrid form of legal entity status combining attributes of a corporation, limited liability company and a trust. It is well documented in both Massachusetts and Florida. It is commonly used for the purpose of holding property for income purposes.