nfa vs non-nfa - ownership?

llama

October 21, 2011 04:28

I know that you can set up a living trust to "own" NFA items. This allows multiple people to be in posession of said items, bypasses CLEO sign off, etc.

What about non-NFA items? Can a living trust or some other legal entity own them? If so, how is the 4473 dealt with?

How do corporations like security companies own the firearms? Or does each individual officer/guard/whatever buy their own?

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  Nwcid

  October 21, 2011 08:12

  Not sure it would really make any kind of difference since in most states there is no registration on non-NFA firearms. Once you have the firearm you are free to do with it as you choose.
  
  The 4473 is simply a background check on the buyer.

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  DRP-AZ

  October 21, 2011 09:33

  Security companies etc...can purchase stacks of guns or transfer stacks of guns at a time.
  
  The standard MDF must be filled out for handguns.
  
  In addition, an affidavit must be completed, stating that "under penalty of perjury" that the firearms which the representative is obtaining, even though he's putting his own personal information on the 4473 are for the use of the Corp., LLC, LLP, Trust etc...and that he is authorized to obtain firearms, by virtue of his position within said Corp., LLC, LLP, Trust etc...and his name and title within that organization.
  
  It's all right there in the multitude of instructions on the 4473 THAT NO ONE EVER READS.
  
  
  ATFE Form 4473 States in "Instructions to Transferee/Buyer", Number 2.:
  
  "When the buyer of a firearm is a corporation, company, association, partnership or other such business entity, an officer authorized to act on behalf of the business must complete Section A of the form with his or her personal information, sign section A, and attach a written statement, executed under penalties of perjury, stating: (A) the firearm is being acquired for the use of and will be the property of that business entity, and (B) the name and address of that business entity."
  
  To answer your other question, YES. Non-NFA firearms can be added to a Revocable Living Trust. No special paperwork is required, except that it's necessary to list them by Make, Model, Caliber, Type, Serial Number on the "Schedule A" or "Schedule of Property".

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