A Trust has a Trust Deed, which explains the practicability of what must happen in the Trust. The trust is taxed at the same rates as an individual, which can go up to 45%. The profit of the trust can be declared to the beneficiaries and leave no tax in the trust but taxable in the hands of the individual beneficiaries.
A Company has a Memorandum of Incorporation and registered at the Companies and Intellectual Property Commission. All this explains what must happen in the company and who is director of that company. The directors manage the business at the best of their capabilities to ensure enough profits and funds flow to the shareholders of that company. The profit of the company is taxed at 28% whereas thereafter if dividends need to be declared an additional 20% withholding Dividends Tax is levied by SARS. The 28% tax bracket is not final, there is a Small Medium Enterprise tax rate which makes the effective tax rate less than 28%