Have you created a corp for the sole purpose of NFA items?

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  • Ducati

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    Would creating a corporation in TX or another state be cost effective in registering vehicles and acquiring NFA items?
     

    lonestardiver

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    Would creating a corporation in TX or another state be cost effective in registering vehicles and acquiring NFA items?

    It would be a lot of work….everyone on the board needs to submit fingerprints and photo’s for background checks. Then you have required board meetings with minutes recorded. It would be easier to go with a trust having those people as trustees and not having to do all the corporation madness. Either way, every time a new item is added everyone has to resubmit paperwork.
     

    Ducati

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    It would be a lot of work….everyone on the board needs to submit fingerprints and photo’s for background checks. Then you have required board meetings with minutes recorded. It would be easier to go with a trust having those people as trustees and not having to do all the corporation madness. Either way, every time a new item is added everyone has to resubmit paperwork.

    Great input, thank you!
     

    Txhillbilly

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    The simplest way of doing a Trust is an Individual Trust. Then you can add or detract anyone you want on the Trust after you get your stamps. Only you would need to do the photo and fingerprints, unless you want to add on Items later. Then everyone listed on the Trust would be required to do it also.

    Or, You could just start up a new Individual Trust, and start over with new items on it.
     

    ScottDLS

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    I really don't get why most people don't just register as individuals. Do you really want to share your NFA items so much with other people? Mine were all done before the CLEO signoff went away and I still just registered (two machine guns, one silencer) them in my name.
     
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    ZX9RCAM

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    I really don't get why most people don't just register as individuals. Do you really want to share your NFA items so much with other people? Mine were all done before the CLEO signoff went away and I just registered (two machine guns, one silencer) them in my name.

    Well, I have included my GF on mine so that when I pass, she's legally in possession.
     

    ScottDLS

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    Well, I have included my GF on mine so that when I pass, she's legally in possession.

    Reasonable solution, though your Estate (and the executor thereof) would be legally in possession of them until they were transferred to your designated or otherwise legal heir. My will leaves the automatic carbine to my older daughter, the machine pistol to my younger daughter, should my wife predecease me.
     

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