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Anyone Use an LLC or Trust

HAIRY
To purchase a NFA item? If so, what are the ramifications? Thanks.
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4 comments

Date Votes
  • proapp
    been told this dodges the local leo sigh off,(llc or corp) still checking into it myself.
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  • Nwcid
    quote:Originally posted by proapp
    been told this dodges the local leo sigh off,(llc or corp) still checking into it myself.



    It does not "dodge" anything. The rules for using an LLC/Trust are different then doing it as an individual. With an LLC/Trust you do not need an LEO sign off, nor finger prints or passport photos.

    In the NFA world LLC/Trust work the same way. In the rest of the world it may make a difference. Trusts are set up and usually require very little to be maintained. LLC's usually require annual things like taxes, fees, ect. If either the LLC or Trust ever end then the items need to be transfered out prior or you will be in possession unregistered NFA items.

    Nice thing about LLC/Trust is that more then just you can have LEGAL possession of the item(s) in the LLC/Trust.
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  • nononsense
    HAIRY,

    I am NOT a lawyer nor did I sleep anywhere that would allow me to make that claim. Nwcid gives the basic idea for this concept and certainly has more experience that most of us in this matter. I use these articles just as references for an introduction to the idea.

    I suggest that you try a search for topics along the lines of 'NFA Revocable Trusts' to get a broader representation of the subject. It's also important to note that while some software programs such as Quicken and LegalZoom may be interesting to use for common legal tools, recent court findings have disallowed (invalidated) their versions of Trusts in the matters concerning NFA articles for possession.

    While I am not a great supporter of the legal profession, this is certainly one situation where I advise the absolute use of a lawyer. It's important that you have the proper Trust created and that you fully understand the entire process. None of us here are qualified unless they are a lawyer and have the background for this subject.

    http://www.arizonagunlist.com/article.html

    http://www.jacksonvillelawyer.pro/lawyer-attorney-1315473.html

    Best.
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  • HAIRY
    Thanks, nononsense, for that valuable info.

    That's the stuff I was looking for. BTW, I agree wholeheartedly with you about obtaining the services of a lawyer. Thanks again.
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