Question for Colorado NFA owners

kmoc · #1 09-23-07, 20:56

I am trying to get a trust set up so I can purchase some NFA items but, the lawyer I am dealing with is a little unsure of how this method works. Has anybody living in Colorado used a trust to purchase their NFA items and, did you have any problems using the trust? Thanks for any help.

BMMC · #2 09-24-07, 03:23

I didn't use a trust but it should be strait forward. I did use a LLC. It cost $25 and about 10min on the Secretary of State website. I'd think if your lawyer can get the trust set up you can do the rest. I had a from 1 back in about a month for my SBR.

mpardun · #3 10-09-07, 13:44

Is the requireemnt to file tax returns (as it is a business entity) - Federal & State.

If for some reason the LLC falls out of good standing (paperwork is out of date, fail to file on time, etc.) all property of the LLC (esp. the NFA items) will be deemed contraband and are subject to legal confiscation.

A simpler, equally legal and cheaper is setting up a Revocable Trust...takes 10 minutes can be done for <$50 and get around the CLEO sign-off and fingerprint rules that apply to an individual.

NOTE: I am not an expert but have done a ton of research and just completed my trust...first NFA purchase will be in the works this week: Form 1 to build an SBR.

Madsmiley · #4 10-09-07, 20:05

Quote:

Originally Posted by kmoc

I am trying to get a trust set up so I can purchase some NFA items but, the lawyer I am dealing with is a little unsure of how this method works. Has anybody living in Colorado used a trust to purchase their NFA items and, did you have any problems using the trust? Thanks for any help.

Tell him you need a revocable living trust with you named as the grantor and trustee.Make certain it is not a irrevocable living trust or you cant make changes to it later on.

Not certain if Colorado requires you to register the trust with the state or not,thats his job.

Hope this helps