S-Corp and NFA Items...

[OmahaGlock]

Anyone in here have items registered to their corporation? Pros/Cons? My business is an S-Corp, and I’ve been debating doing SBR / Surpressor through the Corp...

[RobertH]

I have a trust with several items. No experience with LLCs. I would call Dick Clark, but he might be a bit busy with election day coming up.

IIRC, every employee must submit prints, photos since they can all access said NFA item.

[Mudinyeri]

I believe if you do that, the NFA item(s) must be transferred as assets of the company if the company is sold. I'm not sure how the 2016 changes affect this type of ownership.

[Les]

You don't want to associate your business S-corp/LLC with NFA.  Start a separate NFA trust, pretty cheap and easy especially though SilencerCo easy trust ($129)

[RLMoeller]

I too would recommend against having NFA assets as part of your company. Setup a NFA trust if you want the benefits that would offer.

[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]

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...

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]

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...

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?

[LJUnaTIC]

I have all my firearms in a trust set up by Dick Clark (no NFA items)

[RobertH]

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?

you could, just ask LJUnaTIC has mentioned.  i do not.  i'm not that worried about it.  if you are worried about something like that, talk with your family and Dick Clark.

[Mali]

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?

Dick Clark did a great presentation at the Annual Member's meeting regarding just this topic. There are a great deal of advantages to having your firearms in a trust and I am setting aside the budget to do just that so that I can pass on my lovelies to my family without worries about what the Will, or the State, might say.
I would highly suggest getting in touch with Mr. Clark through the forums and having a discussion with him about your options.

[Range Mom]

We are bringing Dick to our well armed woman meeting in January to do the presentation for our members. I am thinking of opening the meeting up to the public rather than just us. I will post in the events section if that is what we decide to do.

[Atrus]

Please do. I'd very much be interested in such a presentation. Thanks!