Armory Sponsor
Posted: 12/23/2013 4:21:26 AM EDT
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I want to get the paperwork started and sent in to do a SBR. I have read quite a few posts and I am now more confused than ever.
What are the benefits of a Trust, Corporation or LLC and what makes the different from one another? Do I even need one? Sorry, I am sure this is a redundant question but...? Thanks |
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Google is your friend. Plenty of explanations out there.
Things like this: Gun Trust Lawyer (read an article, then just start following links at the bottom to get more info. The Prince Law blog also has a lot of info. Main advantage for trust over Corps and LLCs is that it's a one-time fee to set up. The use of one to purchase NFA items is basically the same for all three. You don't "need" any of them. Legally, you can buy the items as an individual. However, individual purchase requires some things that trusts/LLCs/Corps don't, like getting fingerprinted, providing photos, and getting CLEO signature. The CLEO signature is the roadblock for some, depending on where you live. There is pending legislation (41P) that "may" add the sig/photo/prints requirement to trusts, etc...but nobody knows the outcome. The other main advantage of trusts, etc, at least for now, is you can eFile your application. That seems to be cutting the wait time down from 9-12 months to around 3. However, that can change depending on how many applications are made using each method. |
| To many, the advantage of a trust is not having to jump through as many hoops; CLEO signature, fingerprint cards, photos. That was never much of an issue to me although there are areas of the country where the signature is difficult to obtain. The main reason the trust was attractive to me was that I can have multiple people on the trust so if they want to use the item without me present, they can. For example, my dad has wanted to borrow my machinegun several times to show his buddies but I can't just loan it to him to take to the range. With a trust, I put my son on it (he just turned 7) so when he's old enough, he wants to borrow something, he can. |
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