07-04-2018, 12:19 PM
Could this advice be because this atty you're going to see knows more about setting up LLC's than NFA trusts?
2 things would worry me.
1. LLC's require more paperwork and "maintenance" after setup than a trust, example: you have to have at least one meeting per year and document it, etc., more possible tax filings every year sometimes every quarter, maybe even every month. I've done an LLC for business in the past.
2. The less "normal" an application looks to the ATF, the longer it could take for approval. Bureaucrats don't like off-normal paperwork.
I think the corporation ownership angle is more like a convenience for corps that already exist and are doing some kind of business.
I'm not an attorney and not in Ohio, but maybe you might talk to a couple class 3 dealers near you about NFA trust atty's they recommend and cross check with them. You definitely want an atty who has a specialty in NFA ownerships.
"Must sign" probably refers to a provision that the local Chief Law enforcement officer "shall sign"/shall issue a permit if it's applied for (a good thing for law-abiding people) vs "maybe sign or maybe not sign" depending on his/her whims and feelings as to whether you "need" it.
2 things would worry me.
1. LLC's require more paperwork and "maintenance" after setup than a trust, example: you have to have at least one meeting per year and document it, etc., more possible tax filings every year sometimes every quarter, maybe even every month. I've done an LLC for business in the past.
2. The less "normal" an application looks to the ATF, the longer it could take for approval. Bureaucrats don't like off-normal paperwork.
I think the corporation ownership angle is more like a convenience for corps that already exist and are doing some kind of business.
I'm not an attorney and not in Ohio, but maybe you might talk to a couple class 3 dealers near you about NFA trust atty's they recommend and cross check with them. You definitely want an atty who has a specialty in NFA ownerships.
"Must sign" probably refers to a provision that the local Chief Law enforcement officer "shall sign"/shall issue a permit if it's applied for (a good thing for law-abiding people) vs "maybe sign or maybe not sign" depending on his/her whims and feelings as to whether you "need" it.
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