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Posted: 4/16/2007 11:33:33 AM EDT
[#1]
A corporation can purchase either Title 1 or Title 2 firearms.
Corporations are subject to the same laws as an individual. So a corporation based in a non-NFA state still cannot possess NFA within that state. |
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Posted: 4/16/2007 11:34:09 AM EDT
[#2]
Corporation does not get you around the individual states bans
All items must be legal in the state you purchase/reside in |
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Posted: 4/16/2007 11:46:59 AM EDT
[#3]
So can more than one individual create a corporation to purchase title 1 and title 2 firearms? How do we go about doing this? I'm not trying to have NFA items in NFA states, but if I move to a non-NFA state can I still store my NFA items under the corporation in a NFA-ok state? Can I still buy NFA items in the NFA-ok state if I love out of that state? If that makes sense.... |
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Posted: 4/16/2007 12:28:24 PM EDT
[#4]
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Posted: 4/16/2007 1:39:07 PM EDT
[#5]
Thanks Tony_K. How do I go about setting up the corporation!?
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Posted: 4/16/2007 1:47:14 PM EDT
[#6]
You call a lawyer and pay them money to set up a corporation for you. Why can't you just get the CLEO signoff as an individual and not have to go through all the Corporate setup and maintenance stuff.
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Posted: 4/16/2007 1:52:12 PM EDT
[#7]
I could do that, but my friend and I both want to be able to shoot NFA items, and I may be moving out of state for school. I would still like to be able to purchase NFA stuff and keep them in the NFA-ok state.
Also, how do we purchase title I/Title II firearms as a corporation...? |
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Posted: 4/16/2007 5:37:10 PM EDT
[#8]
The hard part of that is creating/maintaining the corporation. Neither of you will own the items, neither of you can keep them if the corporation is not maintained. He better be a good trusted friend as what he does with the items can effect your assets in the corporation. Like I said before since you don't know what it takes, lawyer money to set this up will be the best bet. After the corporation exists the NFA part is as simple as filling out the form paying the tax and waiting for approval. When away at school you can still have a second residency where your CLEO can sign for you personal items. Lots of people have residencies in non nfa and nfa states. |
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Posted: 4/16/2007 6:38:21 PM EDT
[#9]
I would do that, but the only residency I'd have is my friend's place, and I wouldn't be on the lease. You can buy firearms in Utah with just a license, but then I would have to keep a safe at his place, and from my understanding he couldn't have access to the NFA items. I just don't want to do anything illegal... |
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Posted: 4/16/2007 9:04:08 PM EDT
[#10]
If you put a trigger lock on the NFA weapon in his safe, then he does not have access to it.
Some people like the corporation route, I suggest you post in the hometown forum of your state and ask if anyone there knows what your state requires. |
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Posted: 4/17/2007 11:00:48 AM EDT
[#11]
I humbly bow to your extensive experience but I would really like to see you put a trigger lock on a RDIAS 
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Posted: 4/17/2007 6:46:19 PM EDT
[#12]
An RDIAS could be put in a small lockbox inside the safe, same result
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Posted: 4/17/2007 7:50:54 PM EDT
[#13]
So is it unlawful to let a friend or ANYONE else possess/have access to ANY NFA item?
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Posted: 4/18/2007 8:00:51 AM EDT
[#14]
doublepost.
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Posted: 4/18/2007 8:02:16 AM EDT
[#15]
Correct. If it is registered to an individual, even his wife cannot have access to it legally. That means she cannot have a key/combo to a safe where it is stored, unless it is trigger-locked separately, or inside a locked container placed inside the safe. BTW, there are no restrictions about letting others possess/access/shoot MGs as long as the registered owner is present; they just must not have access when the registered owner is not around. |
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Posted: 4/18/2007 8:47:13 AM EDT
[#16]
Tim Robbins: "Let me explain to you how this works: you see, the corporations finance |
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Posted: 4/18/2007 12:38:21 PM EDT
[#17]
DOUBLE POST, hah.
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Posted: 4/18/2007 12:39:19 PM EDT
[#18]
Gotchya. Would a trust work for me and a friend, or would it have to be a corporation? |
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Posted: 4/18/2007 1:54:54 PM EDT
[#19]
Someone else is gonna have to chime in on trusts; all my experience is with corps (which do allow unrelated people to have joint possession).
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Posted: 4/18/2007 7:41:40 PM EDT
[#20]
Ok...
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Posted: 4/19/2007 8:14:54 AM EDT
[#21]
Assuming state law allowed it, yes. I would recommend using a |
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Posted: 4/19/2007 9:05:27 AM EDT
[#22]
A lot of people are going the trust route these days due to the simplicity of starting up and maintaining a trust, but I would suggest a corp or LLC instead for one reason.
What if the .gov came along and passd a law saying "no more transfers?" Only NFA items held in a corp or LLC would be marketable. You can't sell a trust, but you can sell a company. Selling the company does not necessitate a transfer. The market value of NFA items held in corps would skyrocket while the ones held by individuals and trusts would be rendered worthless. I don't usually remark about his. Each person who acquires an NFA item as an individual or via a trust is making my NFA items worth that much more IF this scenario ever plays out. |
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Posted: 4/19/2007 9:08:24 AM EDT
[#23]
you can download LLC forms on da intrawebs and submit them on you own for $125.00 - that's how I got my stamp for my SBR build. |
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Posted: 4/19/2007 9:27:56 AM EDT
[#24]
Ok thanks for the replies. Here's the deal..I'm moving back to California to finish college, but I still want to be able to purchase NFA items legally. They would be stored at my friends house (rented) in a safe. If we form the corporation, he can have access to them legally.
Now can I still buy Title I firearms in Utah legally? I do NOT want to break any laws, that's my main concern. |
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Posted: 4/19/2007 10:07:31 AM EDT
[#25]
If you remain a legal resident of Utah then yes you can. Generally college attendance does not automaticly make you a resident. |
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Posted: 4/19/2007 10:49:59 AM EDT
[#26]
Ok...I moved from California in December...where I've lived for most of my life. I'll be paying in-state tuition (im paying out of state in Utah). I just want to make sure everything is legal... |
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Posted: 4/19/2007 12:22:36 PM EDT
[#27]
You can legaly leave your firearms in Utah. And as long as you maintain a residence there, you can buy more after you move back to California.
However, if you do not maintain a residence in Utah, then you can't buy there once you are living back in Calif. If you set up the corporation in Utah and purchase firearms with a corporate checking account, the firearms (both Title 1 and Title 2) will belong to the corporation. However, corporate purchases of either class of firearm still require a 4473 sheet to be filled out by whoever is taking delivery of the firearm. And a 4473 must be filled out by an in-state resident, so someone in the corporation with a still-valid Utah address will have to take delivery. |
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Posted: 4/19/2007 1:57:32 PM EDT
[#28]
Gotchya. What's the definition of "maintaining a residence"? Do I have to be paying a rent/mortgage, or do I just need a location for mail/firearms?
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Posted: 4/20/2007 9:12:53 AM EDT
[#29]
Bump. :) |
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Posted: 4/20/2007 12:06:58 PM EDT
[#30]
You must present acceptable ID to the selling FFL when filling out a 4473. Usually, a driver's license is sufficient proof. See www.atf.gov/firearms/faq/faq2.htm#b11 : (B11) What constitutes residency in a State? [Back] The State of residence is the State in which an individual is present; the individual also must have an intention of making a home in that State. A member of the Armed Forces on active duty is a resident of the State in which his or her permanent duty station is located. If a member of the Armed Forces maintains a home in one State and the member’s permanent duty station is in a nearby State to which he or she commutes each day, then the member has two States of residence and may purchase a firearm in either the State where the duty station is located or the State where the home is maintained. An alien who is legally in the United States is considered to be a resident of a State only if the alien is residing in that State and has resided in that State continuously for a period of at least 90 days prior to the date of sale of the firearm. See also Item 5, “Sales to Aliens in the United States,” in the General Information section of this publication. [18 U.S.C. 921(b), 922(a) (3), and 922(b)(3), 27 CFR 478.11] (B12) May a person (who is not an alien) who resides in one State and owns property in another State purchase a handgun in either State? [Back] If a person maintains a home in 2 States and resides in both States for certain periods of the year, he or she may, during the period of time the person actually resides in a particular State, purchase a handgun in that State. However, simply owning property in another State does not qualify the person to purchase a handgun in that State. [27 CFR 478.11] |
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Posted: 4/20/2007 1:21:10 PM EDT
[#31]
Thanks Tony. So If I form a corporation with a friend in utah, and I move out of state, the corporation can purchase NFA items through my friend, legally, and I can use them when I am in the state?
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