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January 30, 2014, 11:31 PM | #1 |
Senior Member
Join Date: November 13, 2013
Posts: 134
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LLC ownership of NFA items
Gentlemen,
I've been doing a lot of reading online today (my brain hurts now) and I think I have my ducks in a row, but I wanted to post a simple question here to verify what I THINK I know. I have an LLC (limited liability company for those who don't know) for a small, gun related business (but NOT an FFL holder of any sort). Can my LLC purchase NFA items the same way that an NFA trust can? Meaning, without CLEO sign-off because that is impossible to get where I live (NFA items are legal under state and local law, the Chief of Police simply will not sign the forms). Based on my online research, I believe the answer to be "YES", but I just want to double check. I'd REALLY like to hear personal experiences from those that have an LLC and have purchased NFA items, but all input is welcome. Thanks Papershotshells |
January 31, 2014, 12:08 AM | #2 |
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Join Date: September 27, 2008
Location: Foothills of the Appalachians
Posts: 13,059
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In short, yes. The registration process is the same.
As an entity, an LLC has different responsibilities. One advantage is the ability to sell or transfer the LLC, with the NFA items attached, without re-registering.
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January 31, 2014, 09:06 AM | #3 |
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Join Date: November 20, 2008
Posts: 11,132
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The biggest disadvantage of an LLC (or corp) is that you need to pay to keep it active, and REMEMBER to keep it registered, for as long as your LLC has the gun. If the LLC is administratively dissolved because you forget to pay the fee or file the annual report (or whatever your state requires), then an illegal transfer took place from the defunct LLC to you individually.
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January 31, 2014, 10:04 AM | #4 | |
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Location: Cincinnati, OH
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January 31, 2014, 02:24 PM | #5 |
Senior Member
Join Date: November 13, 2013
Posts: 134
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Gentleman,
Thanks for the replies. I think i will pursue some NFA items under my LLC. It seems like a good option for me, and there's no danger of the LLC being dissolved, etc. My next question, if I may; Can someone point me to some sort of guide to building a short barrel shotgununder my LLC? I've read some about it online, but i want to make absolutely sure i get my stuff correct. Which form do i use for making it myself? ETC I know about the engraving requirement, so i assume i engraved the name of the LLC on it? Thanks for the help. Papershotshells |
January 31, 2014, 03:29 PM | #6 |
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Join Date: November 4, 2013
Location: Western slope of Colorado
Posts: 3,679
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To do a SBR/SBS you need to fill out a form 1 using your LLC as the maker. Thats what gets engraved on the gun
If you use E-forms just upload a copy of your LLC paperwork, fill in the blanks, put you Credit card info in and submit. Ive heard E forms are running just over 3 months for approval. As soon as you get your approval/tax stamp , get out the hacksaw and shorten that barrel |
February 1, 2014, 11:36 PM | #7 |
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Join Date: June 28, 1999
Location: Georgia, USA
Posts: 560
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Lots of great info at the below link in general about making an NFA weapon.
http://www.guntrustlawyer.com/shortb...shotguns-sbss/ Note there is a size and type of font requirement that has to be used for your engraved info. (Sans Serif style font, 1/16" tall, and .003" deep IIRC - but verify this) Regards, Rob
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February 3, 2014, 12:05 AM | #8 | |
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