ArizonaShooting.com

"The #1 Resource for Shooters in Arizona!"
It is currently 30 Sep 2014, 03:48


All times are UTC - 7 hours [ DST ]







Post new topic Reply to topic  [ 4 posts ] 
Author Message
 Post subject: NFA Trust VS LLC?
New postPosted: 26 Dec 2010, 10:57 
Offline
AZS Addict
AZS Addict
User avatar

Joined: 17 Dec 2010, 17:14
Posts: 763
Location: Gillette, Wyoming
I have read both threads on the NFA Trust and LLC. I just wanted to summarize the pros and cons of both and make sure I didn't miss anything.

Revocable Trust:
Pros:
    No Finger print cards
    No Leo sign-off
    No paperwork to file with State or Local Gov
    No tax ID
    Changeable at any time without filing paperwork
    No tax return required
Cons:
    Limited to two trustees (able to use/access NFA items without supervision)
    Possible legal issues after death of Grantor (according to the Florida gun lawyer)
LLC:
Pros:
    No Finger print cards
    No Leo sign-off
    Unlimited number of people able to use/access NFA items (As long as an officer of the LLC)
Cons:
    Requires registration with the State
    Yearly fee to operate
    Possible requires Tax ID # from IRS
    May require tax return for LLC and additional paperwork for officers
    Requires "yearly meeting"
    Changes may require filing paperwork with the state

I had one question. I have had an LLC in the past and it is fairly simple to get a bank/checking account for an LLC. Has anyone tried to get a bank/checking account for their NFA trust? This would allow monies to be put into the trust then the NFA items could be purchased by the Trust to avoid any legal issues regarding the transfer/purchase of items by the Trust.

_________________
TimW wrote:
I have no idea WTF I was thinking when I went there. Being super hungry is the culinary equivalent of drunk and horny at last call. You'll take just about anything, knowing you'll regret it later...and still not giving a shit.


Top
 Profile  
 
 Post subject: Re: NFA Trust VS LLC?
New postPosted: 26 Dec 2010, 13:27 
Offline
AZS Addict
AZS Addict
User avatar

Joined: 04 Jan 2006, 13:39
Posts: 853
Location: Southwest QueenTucky
In AZ there is no yearly fee to operate an LLC. Only S and C corps. There is no requirement for an annual meeting either, this is also an S or C corp requirement. I am speaking from the perspective of a single member LLC or one that's only members are husband and wife. There are no requirements to have a TIN or to file tax returns unless there is income or loss generated. A single member or 2 member that are husband and wife is treated like a sole proprietorship for tax filing purposes. I have several LLC's for holding commercial property. The only time any money changes hands is the rents that are paid and this is reported on my personal taxes not on a separate corporate tax return as is the case with a C or S corp. I am not a lawyer or accountant so take it with a grain of salt just my personal experience in AZ. In my opinion a real trust executed properly and written by someone that knows what there doing is probably a better way to go and will better protect the assets for future generations. I have a AZ NFA LLC that i am the only member of and i am not sure what would happen to the property if i passed away. In hind sight i wish i would have gone the trust route. In the future any NFA acquisitions will go into my actual family trust that we created to protect all of our assets not a phony one created just for purchasing NFA items.

_________________
Image


Top
 Profile  
 
 Post subject: Re: NFA Trust VS LLC?
New postPosted: 26 Dec 2010, 16:36 
Offline
AZS Addict
AZS Addict
User avatar

Joined: 24 Dec 2010, 18:37
Posts: 630
From everything I have read and seen the Trust is the way to go unless you have some type of business where it makes sense to use your LLC to do guns and make money


Top
 Profile  
 
 Post subject: Re: NFA Trust VS LLC?
New postPosted: 27 Dec 2010, 16:17 
Offline
AZS Regular
AZS Regular

Joined: 29 Jan 2009, 13:29
Posts: 289
Location: North Phoenix
h8pvmnt wrote:
I have a AZ NFA LLC that i am the only member of and i am not sure what would happen to the property if i passed away. In hind sight i wish i would have gone the trust route. In the future any NFA acquisitions will go into my actual family trust that we created to protect all of our assets not a phony one created just for purchasing NFA items.


I would say just make other members of your family members of the LLC, then any of those people could possess the NFA weapons also, but then they would also become owners of said weapons so only people you trust. Not an expert here but it shouldn't be too hard to add family to your LLC.


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 4 posts ] 


All times are UTC - 7 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  


Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group