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S-Corp and NFA Items...

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OmahaGlock:
I appreciate the input. What are the pitfalls? I should maybe clarify, that I am self employed, with one employee that is not an officer of the corporation. My liability as a corporation isn’t like say that of an Amazon, Verizon etc... It’s mainly for tax purposes that I am registered as an S-Corp. I figure since I’ve already established the Corp, I could continue to maintain it if I ever shuttered the business...

RobertH:
with the 41F changes, there really isn't much of a difference any more.  you still need photos, fingerprints, etc, no matter if you do Individual, Trust or LLC.  the only benefit i like from Trusts is allowing multiple people access NFA firearms and having beneficiaries listed.  a Trust is just better and has more options available.

is there a reason you want to use your LLC, when filing as an Individual is exactly the same since you are the only one who can access the NFA items?

Do you have a family?  Do you want them to use your cans/SBR's, etc?  if so, a trust is probably your best bet.

just stuff to think about.

OmahaGlock:

--- Quote from: RobertH on October 16, 2018, 08:07:01 AM ---with the 41F changes, there really isn't much of a difference any more.  you still need photos, fingerprints, etc, no matter if you do Individual, Trust or LLC.  the only benefit i like from Trusts is allowing multiple people access NFA firearms and having beneficiaries listed.  a Trust is just better and has more options available.

is there a reason you want to use your LLC, when filing as an Individual is exactly the same since you are the only one who can access the NFA items?

Do you have a family?  Do you want them to use your cans/SBR's, etc?  if so, a trust is probably your best bet.

Just stuff to think about...

--- End quote ---

Thank you. This is what I was looking for. I’m a noob with NFA, and figured since I already have a Corp, some steps would be eliminated or things would be easier.. IF all things are pretty much equal, I will look into the trust route. Thanks for the info...

RobertH:

--- Quote from: OmahaGlock on October 16, 2018, 08:55:36 AM ---Thank you. This is what I was looking for. I’m a noob with NFA, and figured since I already have a Corp, some steps would be eliminated or things would be easier.. IF all things are pretty much equal, I will look into the trust route. Thanks for the info...


--- End quote ---

i highly suggest talking to Dick Clark.  he specializes in NFA Trusts.  he can answer everything.

Atrus:
Has anyone set up a trust for non-NFA firearms? While researching this topic I read one article that suggested all firearms should be in a trust to avoid having them confiscated in the event you're no longer allowed to possess them (for example, being diagnosed with dementia) and to make it easier for them to be passed down (descendants just being added to the trust instead of the firearms going through the inheritance process). Thoughts?

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