Trust or LLC

Discussion in 'NFA/Class 3 & FFL Discussion' started by herp_man2003, Sep 12, 2012.

  1. herp_man2003

    herp_man2003 New Member

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    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
     
  2. JonM

    JonM Moderator

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    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.
     

  3. sixgun shorty

    sixgun shorty New Member

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    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.
     
    Last edited: Mar 24, 2013
  4. ship2045

    ship2045 New Member

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    How do I get the serial # of a shotgun I bought in 1991
     
  5. clr8ter

    clr8ter New Member

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    Uhhh, read it? What does this have to do with the topic?
     
  6. ship2045

    ship2045 New Member

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    So should I contact the atf
     
  7. sixgun shorty

    sixgun shorty New Member

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    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.
     
  8. ship2045

    ship2045 New Member

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    Sorry new to this site it was stolen
     
  9. sixgun shorty

    sixgun shorty New Member

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    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
     
  10. ship2045

    ship2045 New Member

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    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
     
  11. sixgun shorty

    sixgun shorty New Member

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    10-4
    Best thing to do in the future is save all your serial numbers and descriptions in a document file
    on your computer
     
  12. clr8ter

    clr8ter New Member

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    And to clearly state in the correct thread, the WHOLE situation, question/s and circumstances.......