Armory Sponsor
Posted: 3/19/2009 3:30:08 PM EDT
| Is there an advantage to having the transferee listed as corporate over individual. I have my own business and was curious about this. Also what is a "Trust" transferee? |
|
Quoted:
Is there an advantage to having the transferee listed as corporate over individual. I have my own business and was curious about this. Also what is a "Trust" transferee? A Corp./Trust does not have to submit the usual fingerprints, picture ID, or obtain CLEO signatures. The problem with Corp./Trust ownership is that the "entity" owns the item and not the person. Paperwork must be filed annually on corp. While an individual must obtain a CLEO signature and submit prints and ID pictures .. HE OWNS the item and not a paper entity. Corp./Trust are easier in the short run –– and require long-term maintenance. Individual must jump through a few more hoops initially but once the NFA papers are approved HE OWNS the item and has no long-term maintenance to deal with. |
Armory Sponsor