Armory Sponsor
Posted: 7/9/2006 3:56:59 PM EDT
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I would like to SBR an AR lower (for starters). I am considering going the LLC route; I believe it is the best for my circumstance; please correct me if I'm wrong. I have a sheriff that I am pretty sure that will sign; however, I want my wife, and later on my children, to be able to have access to the safe that stores my firearms, NFA included. However, I don't want to be bogged down in a lot of extra paperwork every year in the form of tax forms. A single return is no big deal though. I am a web programmer and occassionally do some work on the side; I am thinking of piggybacking the programming work on the NFA LLC so I may sometimes show a profit on it. Short of the initial investment in forming the LLC (between 100-200 dollars in PA, IIRC), what (if any) are the downsides of forming a corporation/LLC? To go further down this road, I am wondering if anyone can give me any insight into tax forms that may be needed if I put other people on my LLC. For example, if I put my brother on the LLC because he wants to use a .22 suppressor to help teach his daughter to shoot, does that mean that I have to send him a tax form every year, which he may not want to do if I show a profit from my programming in that particular year? I want to make sure that before I SBR in an LLC that I'm not opening myself up to a royal PITA with tax issues. Thanks for any advice on this. |
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It is on hold for the moment, depending on the LLC feedback. I don't see any sense in getting an AR lower that I can't slap a short upper onto. Bottom line is that I don't want to have to ban wife/kids from my gunsafe for life because I have one of my rifles with a barrel 5" shorter than the rest. |
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It's $125, you can do it online on the PA Open For Business website. Create the LLC just for the purpose of buying NFA stuff. You can get it an EIN or use your SS# You're the managing member; wife, kids, neighbors, relatives, are just members. If the LLC has no income there are no taxes. If you have multiple members, the LLC may need to file a returen showing no income. |
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Do a search on LLC's and PA in the archive. I've posted a bunch of details, as have a few others. Here's a few links to get started: archive.ar15.com/forums/topic.html?b=3&f=14&t=272976 archive.ar15.com/forums/topic.html?b=3&f=14&t=259759 |
Armory Sponsor