Quoted:
..nothing left the Colt Factory looking like that abortion!
Thought that was good! I saw the post earlier and that was my thought exactly. With very little experience in the SBR or AOW game thought I'd pay attention and learn something. Heck I didn't spend $5 on a pen gun. Was thinking about doing a corporate trust FA someday as possibly an investment since CD's aren't paying much interest.
Is this the same seller that had the transistor radio butt stock?
Good question!
I just executed my NFA Trust..If you need a good firearms attorney, and they are few and far between, I can recommend a very good one in Ohio
I transferred several items from my Firearms LLC( in anticipation of 'retiring' permanently and surrendering my licenses and files in about a year or so) ,which
technically owns the Class III's, to my Trust on separate Form 4's . Many advantages. By the way, the only weapons or Class III items
necessary to transfer to an NFA Trust are Class III SOT items.They don't much care about Title I, plain old guns, rifles and shotguns, at least not necessary to include in your Trust.I strongly advise creating an NFA Trust if you are planning to buy or already have
Class III 's either in your name or your company name.It's really only a minor hassle..of course, you have oto send to the NFA :
1- Copy of Executed Trust
2-Check for either $200 or $5, depending on weapon status (AOW or Class III)
3-Completed Form 4 in duplicate , printing front and back fo form on one sheet of paper.
4-Not specifically requested, , but a good idea to include a Compliance Form ATF 5330.20
By electing to Form a Firearms Trust, you are not required to supply photos or fingerprint cards, or signature of CLEO in your county with the Form 4
Many other benefit in a Trust, including the ability to "keep the items in the family", without additional registration by appointing Co-Trustees and Beneficiaries in the Trust.
Believe it or not, there are very few, relatively speaking, Firearms specific Lawyers in the Country....average price for an NFA Trust is about $1200-1500 + SOT Transfer Check
Please Note: I am NOT an Attorney or an authority on ATF/NFA Regs or Firearms Trusts..Please do all your own research with a good attorney to avoid mistakes, which are easy to make.
I hold no liability for the above 'advice' and posted it as informational only
Also, if the Trust concept is appealing to you, execute your Trust BEFORE purchasing any Class III Item.The Trusts are not for everyone, and if you only own one Class III item, probably not worth the expense; But if you own multiple Class III's, definitely worth the time and expense, or if you are a first time Class III Buyer.
Again Note, My advice is to consult a Firearms Attorney..Please do not take the above advice as gospel.I claim NO Liability or Responsibility whatsoever for the above.
Also: I advise against a corporate Trust unless you are already an FFL as the Corporation will own the Class III's , Not you personally even if you have an LLC and think your name and the LLC are one in the same.They are not.
Once you sell, close or relinquish your company you would have to go through the Normal Form 4 Transfer at some point anyway, unless you keep your company forever. Your best bet, and just my 2 cents, is the NFA Trust.
It is an interesting and advantageous way to fully comply 100% with all NFA Rules and Regs in a more 'pleasant' format if you will. It will also reduce fears of passing on Class III's to your immediate family