Trust Company (also typeset as TRUSTcompany and TRUST*CO) is an American rock band from Prattville, Alabama.
Formed in 1997, Trust Company came together through vocalist Kevin Palmer and drummer Jason Singleton, who briefly played drums in the Ed Kemper Trio. Originally called 41 Down, the band then recruited bassist Josh Moates and guitarist James Fukai. After building a local fan-base and releasing a self-titled album as well as a couple demos, the band went on to sign a major label deal with Geffen Records. The band then changed their name to Trust Company to avoid confusion with the Canadian band Sum 41.
The group released its debut album, The Lonely Position of Neutral, on July 23, 2002. The album was well received with the lead single "Downfall" gaining heavy exposure through MTV2. Subsequently, the song entered the Billboard Hot 100 singles charts. A second single "Running From Me" followed with more moderate success. The Lonely Position was certified gold by the RIAA, and the band went on to tour with artists such as Thirty Seconds to Mars and Papa Roach. They also toured with KoRn and Disturbed as part of the Pop Sux Tour in 2002.
An offshore trust is simply a conventional trust that is formed under the laws of an offshore jurisdiction.
Generally offshore trusts are similar in nature and effect to their onshore counterparts; they involve a settlor transferring (or 'settling') assets (the 'trust property') on the trustees to manage for the benefit of a person, class or persons (the 'beneficiaries') or, occasionally, an abstract purpose. However, a number of offshore jurisdictions have modified their laws to make their jurisdictions more attractive to settlors forming offshore structures as trusts. Liechtenstein, a civil jurisdiction which is sometimes considered to be offshore, has artificially imported the trust concept from common law jurisdictions by statute.
Official statistics on trusts are difficult to come by as in most offshore jurisdictions (and in most onshore jurisdictions), trusts are not required to be registered, however, it is thought that the most common use of offshore trusts is as part of the tax and financial planning of wealthy individuals and their families. For instance, the founder of Wonga.com, Errol Damelin holds his shares through Castle Bridge Ventures, a trust based in the British Virgin Islands. While the family behind the Nando's restaurant chain, the Enthovens, reportedly use trusts in the Channel Islands as part of their financial planning. Other users of offshore trusts include Sir Ken Morrison, the British supermarket magnate, the Rothermere family who own the Daily Mail group and the late Bruce Gyngell who founded TV-am.