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Thread: Small Arms Review and NFA Trusts

  1. #21
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    The reason I would consult a knowledgable attorney with a trust if I were going that route is to make sure all the "i"s are dotted and the "t"s are crossed. If you screw up, and the ATF finds out, your trust could be invalidated and then all your NFA toys are illegally held and confiscated.

    Is it not worth a few hundred dollars to double check everything and make sure there are no mistakes?

    I am not a lawyer and am not trolling for business. It just makes sense to double check stuff. Especially when you are talking $10k-$20k machineguns and stuff. A $600 suppressor maybe not such a big deal but even then probably worth it as you add in an SBR, another suppressor, etc.
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  2. #22
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    Quote Originally Posted by usmcvet View Post
    I just looked at the article again. The last line talks about it not being the time to fill the tank with cheap gas. Funny I use the cheap gas in my vehicles, super is a waste of money and not required for my vehicle. The manual actually tells you regular unleaded is all the truck needs.
    I don't think he meant "cheap gas" = "regular gas". I think he meant buying the regular grade from the no name cheap station (who often buy the cheaper ends of the shipments as they go through the pipelines and can get mixed with water -- at least according to a family acquaintance who used to be in the gas distribution business) that is a nickel cheaper than the known place, probably a big company run station, that does not deal in cheap gas bought from whichever distributor is cheapest.
    • formerly known as "eguns-com"
    • M4Carbine required notice/disclaimer: I run eguns.com
    •eguns.com has not been actively promoted in a long time though I still do Dillon special
    orders, etc. and I have random left over inventory.
    •"eguns.com" domain name for sale (not the webstore). Serious enquiries only.

  3. #23
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    Quote Originally Posted by gotm4 View Post
    FWIW lately at the shop I work at NFA Trusts average 90-120days to approvals because all Trusts are going through ATFs legal review. Individual NFA transfers have been faster lately...60days on average.
    AFAIK a trust enjoys the same protections a C corp, S corp, etc enjoy.

    I would hope the ATF is reviewing corps with as much detail as they do a trust.

    Wouldn't it be so unfortunate for the BATFE to have its peepee slapped should should some committee start asking questions?
    Dan Miami, FL

  4. #24
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    What I can think of is this. LLC and corporations usually have to pay taxes and in many states it is public knowledge. AFAIK that is not the same for a trust. At least in AZ. The only people who have knowledge are myself and the BATFE.

    Quote Originally Posted by MK18Pilot View Post
    I cant understand what the benefit of creating a trust to manage or be a member of an LLC could possibly be. I can not think of one advantage a trust has over a traditional member managed LLC.
    Last edited by Iraqgunz; 09-28-10 at 20:08.



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  5. #25
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    Quote Originally Posted by SeriousStudent View Post
    In Texas, one does not have to register a trust with any government body. Nor do you have to prepare and/or file tax records.

    That is not the case for an LLC in all states.

    To me, that would be an advantage of a Revocable Living Trust, over an LLC. Fewer people gain knowledge of my affairs.
    Fact, your beneficiaries will be subject to federal and state inheritance tax upon your death and will be required to report it in the year assets were realized. Not the case with an LLC.

    I'm willing to bet that if you own real property in Texas, a trip to your county recorder will yield more information about you than the documentation used to form an LLC. An informational return on an LLC that generated no revenue takes 1 minute to complete and costs $.47 to mail.

    If your LLC is set up and managed correctly, the benefits surpass those enjoyed by a trust. Of course an attorney will never tell you that. For him its all about fuzzy logic and wiggle room.

  6. #26
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    Quote Originally Posted by Iraqgunz View Post
    What I can think of is this. LLC and corporations usually have to pay taxes and in many states it is public knowledge. AFAIK that is not the same for a trust. At least in AZ. The only people who have knowledge are myself and the BATFE.
    LLC's and corporations are completely different animals. Corporations are recognized by the IRS as an entity whereas LLC's are animals of the state they were formed in and are a disregarded entity at the federal level.

    As stated in my previous post, the information gleaned from the corporation commission is no more than that found at the county recorder and taxes may or may not be realized depending on how the LLC is formed and managed.

    Any individual viewing your corporate records doesn't know what the LLC owns. Unlike a corporation, an LLC is not required to file an annual report in Arizona.
    Last edited by Iraqgunz; 09-28-10 at 20:08.

  7. #27
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    Quote Originally Posted by usmcvet View Post
    Is there a yearly fee for an LLC?
    $30 per year in GA. From what I have read, it can vary pretty significantly from state to state.

    That being said, failure to pay year registration fees, at least in GA, may not automatically make your LLC invalid.

    I was reading a news story recently about the GA state gov trying to shut down some kind of fraudulent business by revoking its LLC because it hadn't paid its yearly registration fees for a number of years. According to the story, the state had to take it to court to make this happen, it couldn't be done administratively.

  8. #28
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    Quote Originally Posted by Iraqgunz View Post
    What I can think of is this. LLC and corporations usually have to pay taxes and in many states it is public knowledge. AFAIK that is not the same for a trust. At least in AZ. The only people who have knowledge are myself and the BATFE.
    Nevada is the same way. I plan on doing mine soon.
    Last edited by Iraqgunz; 09-28-10 at 20:08.
    "It makes no difference what men think of war, said the judge. War endures. As well ask men what they think of stone. War was always here. Before man was, war waited for him. The ultimate trade awaiting its ultimate practitioner."

  9. #29
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    ...........
    Last edited by dbrowne1; 11-29-10 at 22:24. Reason: correction

  10. #30
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    ...........
    Last edited by dbrowne1; 11-29-10 at 22:24.

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