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-   -   Trust or LLC (http://www.firearmstalk.com/forums/f47/trust-llc-72307/)

herp_man2003 09-12-2012 07:00 PM

Trust or LLC
 
So I have been thinking of venturing into some class three stuff. I wonder what is the best route to go with it. A trust or an LLC? I know being in Ohio that an LLC is fairly cheap at 125 bucks, but I was wondering can a trust be used for multiple things like nfa stuff and as a trust for my family? I ask this because if I can use the trust for both things I can kinda kill two birds with one stone as opposed to having to separate them and have two cost. Thanks

JonM 09-12-2012 07:34 PM

To be legal an llc has to have regular minutes meetings and reports and usually annual fees and taxes. If your running a business some people use the llc for nfa.

Its a very very bad idea to use an nfa trust for anything but nfa items. You can put whatever you want into an nfa trust but its not a good idea.

sixgun shorty 03-24-2013 09:15 AM

Quote:

Originally Posted by JonM (Post 938180)
To be legal an llc has to have regular minutes meetings and reports and usually annual fees and taxes. If your running a business some people use the llc for nfa.[B][SIZE="5"][B][SIZE="5"]Wrong.
An LLC does not require keeping a minute book and the corporate return is merely a schedule attached to your personal return.No annual fees normally required( that' s a State matter, not Federal)
Its a very very bad idea to use an nfa trust for anything but nfa items. You can put whatever you want into an nfa trust but its not a good idea.

Correct If you own an NFA item through your LLC, the corporation owns it, not you.When you give up your business and licnses
the NFA items must be transferred either to a Trust(By Far the Best way to own an NFA item particularly if you have heirs)
Therefore if your LLC owns an NFA item, you will have to transfer it at some point to yourself or a Trust on a Form 4 and pay the transfer tax.
If you are a sole proprietor with an FFL/SOT in your name, not a company entity of any kind, then when you turn in your files and licenses in to the ATF,you simply can keep any inventory, including NFA personally since it has already been transferred to you already, and no further transfer taxes are necessary.Applying on a Form 4 for an NFA item in the name of your Trust, obviates the need for pictures, fingerprint cards or CLEO sign off, but you still must pay the transfer tax(unlike a Form 3)
As for the Compliance Form, must bbe made out in the name of the person making the application (a Trust does not have a signature..only the Trustee).
With a compliance form , you are certifying yourself as a US citizen.
In other words, you rname goes on Lines 1 and 2, unless you are buying the NFA item in the name of a Corporation..NOT a Trust though...use your pwersonal signature for a Trust compliance form.

ship2045 04-20-2013 03:03 AM

Quote:

Originally Posted by sixgun shorty (Post 1188330)
Correct If you own an NFA item through your LLC, the corporation owns it, not you.When you give up your business and licnses
the NFA items must be transferred either to a Trust(By Far the Best way to own an NFA item particularly if you have heirs)
Therefore if your LLC owns an NFA item, you will have to transfer it at some point to yourself or a Trust on a Form 4 and pay the transfer tax.
If you are a sole proprietor with an FFL/SOT in your name, not a company entity of any kind, then when you turn in your files and licenses in to the ATF,you simply can keep any inventory, including NFA personally since it has already been transferred to you already, and no further transfer taxes are necessary.Applying on a Form 4 for an NFA item in the name of your Trust, obviates the need for pictures, fingerprint cards or CLEO sign off, but you still must pay the transfer tax(unlike a Form 3)
As for the Compliance Form, must bbe made out in the name of the person making the application (a Trust does not have a signature..only the Trustee).
With a compliance form , you are certifying yourself as a US citizen.
In other words, you rname goes on Lines 1 and 2, unless you are buying the NFA item in the name of a Corporation..NOT a Trust though...use your pwersonal signature for a Trust compliance form.

How do I get the serial # of a shotgun I bought in 1991

clr8ter 04-20-2013 03:28 AM

Quote:

How do I get the serial # of a shotgun I bought in 1991
Uhhh, read it? What does this have to do with the topic?

ship2045 04-20-2013 03:30 AM

So should I contact the atf

sixgun shorty 04-20-2013 03:45 AM

Quote:

Originally Posted by ship2045 (Post 1220249)
So should I contact the atf

No
Again, why do you need the serial # of a gun you own?
So if your gun was made in 1991, like the Man said....just read it!
what do you want to do? have the ATF supply you with a serial #?Absurd!
By the way,Guns made before 1968 were not required to even have serial numbers until the GCA of 68

What does this have to do with the topic? Obviously nothing.

ship2045 04-20-2013 03:48 AM

Sorry new to this site it was stolen

sixgun shorty 04-20-2013 03:53 AM

Quote:

Originally Posted by ship2045 (Post 1220266)
Sorry new to this site it was stolen

I take it you didn't bother to write down the serial #?
That's the first thing you should do whenever acquiring a new firearm
Without the serial #, the ATF won't even put it on their 'watch for' list that they circulate to LEO's, dealers and pawn shops in your area.
i.e., You will never get it back even if it is found without the serial #
But, you still must report it to your local authorities as stolen

ship2045 04-20-2013 03:56 AM

I did report it and I had it wrote down at one time I thought it was with all my others but it is not


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