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Posted: 9/28/2010 9:35:35 AM EDT
| I was in a local gun store this morning to buy a new HK pistol. This store does a huge amount of Class 3 business. The person I spoke with who does all of their form 4 business told me that all I had to do was form an LLC thru the Sec of State's office here in Ohio and once I got my LLC they could sell me NFA items thru this business. It all sounded too easy to me so I thought I would come here and get it confirmed or denied. As I said earlier this store is well known and highly respected so I would think they would know what they are talking about. Thanks |
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Quoted:
Hamilton. No way any of the LEO's in this area will sign off. Tell me something. Why would anybody go the trust route when this option is available? Is it an Ohio thing? The cost is $125. What is the yearly fee with the LLC? Do you have to file taxes every year? Trust are a one time fee and do not require filing taxes every year. Edit to add, it is not an Ohio thing, but LLC was used in the past in areas where the CLEO would not sign off, it's only been in the past few years that trust have become more popular over the LLC(corporation) route. |
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Quoted:
Quoted:
Hamilton. No way any of the LEO's in this area will sign off. Tell me something. Why would anybody go the trust route when this option is available? Is it an Ohio thing? The cost is $125. What is the yearly fee with the LLC? Do you have to file taxes every year? Trust are a one time fee and do not require filing taxes every year. No yearly fee. Not sure about filing taxes. |
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Quoted:
Quoted:
Hamilton. No way any of the LEO's in this area will sign off. Tell me something. Why would anybody go the trust route when this option is available? Is it an Ohio thing? The cost is $125. What is the yearly fee with the LLC? Do you have to file taxes every year? Trust are a one time fee and do not require filing taxes every year. Edit to add, it is not an Ohio thing, but LLC was used in the past in areas where the CLEO would not sign off, it's only been in the past few years that trust have become more popular over the LLC(corporation) route. This!!!!!!!!!!! Trust is the only way to go if your CLEO wont sign off. |
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Trusts have certain advantages, but then again, so do LLC's.
Just depends on what works best for your situation. Generally, trusts don't require any "maintenance;" once it's set up, you don't have to do anything unless you want to amend it. LLC's and corps usually require annual registration fees, which can vary by state. My state sends me a reminder email, and it's only $30 per year that I can pay online. They also have to file tax returns, but unless the corp does business, it's really just entering zeros on a couple forms and submitting them. Since I have someone do my personal taxes, it's just a nominal extra charge to fill out the foms I need. (I believe single-member LLCs are exempt from having to file Federal returns if they do no business). Trusts are generally more complicated to set up, initially, and can be done wrong, so it might be advisable to have an attorney do it. Again, you'll have to judge the plusses and minuses for your own particular situation. |
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There could be a filing fee for Ohio, it states "Varies" so there probably is a yearly fee. I think there is only one state that doesn't require a yearly fee, maybe AZ, not sure.
From this site: http://www.ailcorp.com/state_incorporation_information.aspx?stateId=35&corpTypeId=200 Annual Filing Requirements: There is an annual franchise tax report that must be received (postmarked) by the state of Ohio between January 1st and January 31st, unless an extention is filed. The fee for this filing is: Varies |
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