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$700 dated December 13, 1996, that was deposited into the trust
bank account. The trust agreement provided that any other person
could add property acceptable to the trustee.
Richard Pelham operated the lock and key business under the
assumed name “Lake Lock & Key” until November 14, 1996, when he
filed a Withdrawal Notice of Assumed Name certificate, stating
that the trust would be conducting business under the name “Lake
Lock & Key”.
The operations of the lock and key business did not change
after the business was transferred to the trust. As trustee,
Richard Pelham performed the same duties for Lake Lock & Key that
he performed before the creation of the trust. Lake Lock & Key
used the same work order invoices. Lake Lock & Key used the same
taxpayer identification number for the filing of sales tax
returns to the State of Texas and for the filing of State
unemployment tax returns both before and after Richard Pelham
began operating the business through the trust.
Richard Pelham worked for Lake Lock & Key both before and
after the establishment of the trust. After the establishment of
the trust, Richard Pelham, both individually and as trustee,
entered into a signed Employment Contract dated October 1, 1996.
In that contract, Richard Pelham agreed to provide his services
as a “chief residential and commercial lock and key service
technician” in exchange for a salary of $30,000 annually.
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Last modified: May 25, 2011