Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
BCM
User Panel

Posted: 4/21/2017 12:03:42 AM EDT
When an SOT Thats not an LLC or INC and is a sole prop. (01 and sot) if they transfer in a presample. they can keep it if and when they drop their SOT sometime down the line?

2 Questions.

does that hold true for 01/SOT or do they have to be a manufacturer (07/sot) ?

Does the dropping of the SOT in the future etc and keeping said presamples only apply to SOLE PROP? meaning no dice for LLC or inc etc?

Now disclaimer. i do intend to apply for an SOT. but NOT to just go out and buy presamples and cans to keep etc.  but mainly to do transfers etc. but if i come across some cool stuff sure why not. Also would be nice to get some cans here and there on form 3.

but im asking the questions stated above just to get an idea. ive gathered some nice clientele on for transfers on title 1 guns and they keep asking me to get into nfa. so why not?

thank you
Link Posted: 4/21/2017 2:22:50 AM EDT
[#1]
An LLC or Corporation can retain NFA items such as a pre sample AS LONG as the business stays valid. The means all filings, taxes, annual reports etc stay current.

If the LLC or Corporation is dissolved the items would need to be surrendered or disposed of prior to such actions.

This is no different then the ability and rules for corporations/trusts/LLC to purchase an NFA item.

EDIT:
I'll add the caveat that this is my opinion based on my experiences as an FFL/SOT and my understanding of the relevant rules. Please don't base any future business decisions on my opinion.
Link Posted: 4/21/2017 10:46:12 AM EDT
[#2]
As mentioned, if the llc or corp or partnership or whatever still exists after giving up its SOT and/or FFL, then the entity can retain the presamples as long as it exists. But the entity does have to be maintained - with whatever annual filings and fees are part of that maintenance.
Link Posted: 4/21/2017 11:15:11 AM EDT
[#3]
all my businesses are run as LLC. its the easiest and cheapest to maintain here in AZ.  
No annual filings. Nothing really. Not even a yearly fee. All they seem to care about is the ability for service of process being properly performed.

I used to do INC's back in california but too much crap for small businesses. I like the llc route. Here in AZ its only $50 to create one and thats it.

thank you for the answer the my question.
Regarding the SOT application. I understand its a June to June yearly thing.

MUST i wait for june to apply or can i just apply now? Or IF i apply now its only gonna be valid/tax paid for the period of NOW until this coming june?
Link Posted: 4/21/2017 1:12:12 PM EDT
[#4]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Regarding the SOT application. I understand its a June to June yearly thing.

MUST i wait for june to apply or can i just apply now? Or IF i apply now its only gonna be valid/tax paid for the period of NOW until this coming june?
View Quote
You can apply early for next year, and your paid SOT will start July 1. If you apply for the current year now, it's not pro-rated, and will cost the full amount and expire on June 30.
Close Join Our Mail List to Stay Up To Date! Win a FREE Membership!

Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!

You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.


By signing up you agree to our User Agreement. *Must have a registered ARFCOM account to win.
Top Top