Quote:
i am beginning an investment business (flip houses) where i am sole proprieter.
so shaggy, are you saying this shouldnt be attached to my nfa ambitions?
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Thats exactly what I'm saying. If you form an LLC for your NFA stuff, DO NOT use it for your business. First, if your investment business gets in trouble or you get sued, your NFA weapons could be used to satisfy debts and judgements against the corporation (they are, after all, assets of the corporation). If you don't use the corporation for anythig else other than holding your NFA weapons, you reduce your exposure to any such liabilities. Also, by using a corporation which you actively use for a business also for purely personal pursuits like collecting NFA weapons, you run the risk of weakening the corporate shield against personal liability. Thus if your corporation gets in trouble and sued, it can make it a little easier for a potential plaintiff to 'pierce the corporate veil' and go after your personal assets.
You're far better off forming two separate corporations - one for the investment business, and one for the NFA stuff.