Armory Sponsor
Posted: 8/18/2006 3:39:03 PM EDT
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About to form an LLC with my father, and had a few questions. If it's a 2 member LLC, I have to get an EIN correct? If it's a 1 member LLC, this does not apply? If I do form it as a 2 member LLC, can you just use first an last names for the LLC title. (John and Jane Doe LLC) or does it need to be (John Doe and Jane Doe LLC) or do you need middle names? Thank you |
Do you mean a trust with respect to an LLC? Is it better to have a partner as opposed to a single person? It seems rather easy to get an LLC on line. Should I use a local attorney or CPA instead? I'm new at this LLC thing also and yes ... I only want it to purchase things my County LE will not support. Not that I am going to drive around with it in the truck of my car unless I'm going to my farm BUT ....Will the LLC keep me out of jail if I ever get pulled over with a suppressor purchased with my LLC?....I'm only going to use it on my farm. |
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A trust should not cost anything to create and will have no maintenance required or cost. IMO everyone should use them even if they can get sign-off. It will allow your heirs to keep them, any new laws and they will probably remain grandfathered. Both the corp and the trust allow multiple people to have control of the items. I have a corp and I will be converting everything to a trust over the next couple years. The trust can move with you state to state and can move with your heirs. There is a thread on trusts for class III |
Yea, I have read the entire thread about the trust. It sounds like if I want both my father and I to have access to the item, then we should form an LLC or trust. I suppose we will talk to our lawyer and tell him what it will be used for. He will probably have the right answeres as to which one (trust or LLC) makes the most sense to use. |
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for a trust, all you have to do is list you and your father as Grantors & Trustees, and you'll both have access to the NFA items. I don't know if there can be more than 2 G & Ts on the trust, but if anyone else will have access to the weapons (i.e. if you keep the guns in the same safe as the Mrs keeps her jewelry), they'll need to be listed. Trust is very simple, and the ATF approval is quick. I just did 2 SBRs under a trust, and the mailbox to mailbox time was one month exactly. Trusts require no maintenance other than ensuring that the listing of what's in the trust is current, and that's as simple as stapling a sheet of paper to the back of the trust. A LLC requires maintenance, state & federal compliance, fees, etc, and if you ever dissolve the Corp, you'll have to transfer the NFA items out ($$$), either to yourself, or to another Corp, trust, etc. I'm by no means an expert...this is just a little of what I've gleaned from different e-boards. |
I completely understand everything you just said. My father seems to think there may be some (minor) annual upkeep for a trust, as he has delt with trusts before. Either way, far less upkeep than an LLC. We are definitely having a lawyer set it up, so it's bullet proof. Thanks again for the replys and helping me better understand this process. |
A father-son trust might need to file Form 1041 (U.S. Income Tax Return for Estates and Trusts) if the trust had taxable income. (A father-son LLC might need to file Form 1065 (U.S. Return of Partnership Income) if the LLC had taxable income.) Garden-variety individual or marital trusts typically don't need to worry about filing a Form 1041 - any income gets reported on the individual's or the couple's Form 1040. |
Armory Sponsor