Armory Sponsor
Posted: 1/7/2011 8:15:59 PM EDT
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Please forgive my total ignorance with this stuff. I've been trying to find the answers on my own, without much luck.
I'd love to start getting into some NFA stuff. Specifically suppressors, at least in the beginning. I was looking into the "trust" route but then I saw some stuff about LLCs. My question is, can you use any existing LLC or does it have to be set up specifically for this purpose? Or can an exisitng LLC be easily ammended to include NFA? I only ask, because I remembered that we set up a LLC for my wife's business a couple of years back. Also, do you still have to pay the 200 dollar fee for each item purchased under these other options? Thanks. Please go easy on me. 
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Quoted: Please forgive my total ignorance with this stuff. I've been trying to find the answers on my own, without much luck. I'd love to start getting into some NFA stuff. Specifically suppressors, at least in the beginning. I was looking into the "trust" route but then I saw some stuff about LLCs. My question is, can you use any existing LLC or does it have to be set up specifically for this purpose? Or can an exisitng LLC be easily ammended to include NFA? I only ask, because I remembered that we set up a LLC for my wife's business a couple of years back. Also, do you still have to pay the 200 dollar fee for each item purchased under these other options? Thanks. Please go easy on me. You could use an existing LLC to acquire title-II (NFA) firearms, but they "could" also be a potential liability for that LLC. Most people I know using LLC's keep the two separate. That said, a trust is cheaper, with no yearly filing fees or income tax issues. $200 transfer tax for each MG, suppressor, SBR, SBS or, destructive device. AOW's are a $5.00 transfer tax. |
| Like osprey pointed out, most people don't want to use the same LLC for NFA stuff as they have for a business. If the business gets sued, the NFA items are property of the LLC, and could be taken to pay debts, etc. Or on the other hand, say you are at the range and someone lets a mag dump go, and rounds go over the berm, hitting someone down range. The LLC is the legal owner, so your wifes business could be sued. Not saying either is likely to happen, but something to keep in mind. |
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Quoted:
Like osprey pointed out, most people don't want to use the same LLC for NFA stuff as they have for a business. If the business gets sued, the NFA items are property of the LLC, and could be taken to pay debts, etc. Or on the other hand, say you are at the range and someone lets a mag dump go, and rounds go over the berm, hitting someone down range. The LLC is the legal owner, so your wifes business could be sued. Not saying either is likely to happen, but something to keep in mind. +1 and another scenario to be considered : - you and your wife start having problems and it eventually ends up in divorce court .. now your wife's business legally owns that M16 you've always lusted for and she gets to take it all. 
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Armory Sponsor