Originally Posted by JonM
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.
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.