Can my LLC buy NFA items?

Discussion in 'Legal & Political Archive' started by IronMonster, Jan 22, 2015.

  1. IronMonster

    IronMonster
    Free Idaho!
    Opinionated Member Lifetime Supporter

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    So I am a L.L.C. I am the sole officer. I have been wondering if buying the items in my company's name would be of any benefit over having a personal trust? The LLC does have some assets so I suppose there is some liability concerns if there ever was any kind of problem.

    Anyone ever done it?
     
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  2. Nwcid

    Nwcid
    Yakima and N of Spokane
    Well-Known Member

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    Buying on LLC works just like buying with a trust. It use to be the real common thing till people figured out you could use a trust.

    The only downside that I know of to an LLC is that you have to maintain it as long as you want to continue to own the NFA items on it. So basically when you retire, sale, or go out of business you will either have to dispose of the items or transfer (pay $200 for each) to change the "owner name".
     
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  3. B5Ben

    B5Ben
    Boise
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    I don't know much about the LLC route outside of what's mentioned above, but I think the trust is known to be safest, long-term solution when executed properly by someone that knows what they are doing. For me, I would rather pay a little more up front for peace of mind and only one transfer stamp, rather than going through some $hit to find out I should have done it differently later. I will be starting one for my first suppressor in a few weeks. Just gotta clear a few things off the "to do" list first.

    If you haven't checked it out already, guntrustlawyer.com has lots of good info.
     
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  4. usagi

    usagi
    Redmond
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    trust is the way to go.
     
  5. Stomper

    Stomper
    Ungovernable!
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    I have an NFA trust called "Stomper Family Trust" with listed NFA items & trustees, lines of immediate succession for executor (who can add/delete trustees and adjust lines of succession) so it can go on in perpetuity after I'm wearing a toe-tag.
     
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