NFA Questions

Discussion in 'Firearms' started by Seacowboys, Mar 2, 2008.

  1. Seacowboys

    Seacowboys Senior Member Founding Member

    I know that a corporation can purchase NFA weapons for both investment and security on a form 4. I also know that certain "Security" companies own NFA weapons and freely export them for use in foreign countries that are new post 89 Dealer samples. I also know that they bring them back. I saw several of these weapons on the streets in New Orleans after Katrina. These "security" companies are not military or LEO, so how can they purchase these weapons legally? Have they been given some special sort of "Law Enforcement" standing that is out of the loop? Can my own "Security" division purchase post 89 dealer samples for use? There is a loop-hole here and I either want to plug it or open it for everybody.
  2. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    I think I am starting a security company so I can take advantage of this and possibly get government contracts to protect the national forests from the emerald ash borer and spanish ass borers.
  3. CBMS

    CBMS Looking for a safe place

    If your starting a Security company count me in. I'll be a logistical analyst. I don't know what they do, but i am guessing neither do they.
  4. Seacowboys

    Seacowboys Senior Member Founding Member

    I am either going to set up a trust or an LLC to purchase NFA weapons. Right now, I am leaning towards the trust but an LLC could have advantages.
  5. ghrit

    ghrit Bad company Administrator Founding Member

    Now, this gets interesting. If the LLC owns the DD or MG, does the LLC get to designate who is the actual custodian of the device?

    For example, SM LLC holds the TIII permits and designates (via the LLC owner) that melbo shall assume custody of the device for the LLC, and that the secondary custodian shall be (oh, well, make it Tracy :).)

    A guy I knew several years ago worked for a currency transfer agency. He had to carry for duty, and was obligated to obtain his own permit, even with company guns on board the truck. Seems to me that a similar requirement might hold true here.
  6. Seacowboys

    Seacowboys Senior Member Founding Member

    This is a tax question so we should consult either an accountant or a tax attorney. I know that a trust can have multiple custodians but I don't know if officers vrs. owners have similar rights. PS, I wouldn't ask the BATFE, they make the shit up as they go along.
  7. kckndrgn

    kckndrgn Monkey+++ Moderator Emeritus Founding Member

    Did you ever setup your trust or LLC? I posted a new thread, but found this one on a search.

  8. Seacowboys

    Seacowboys Senior Member Founding Member

    Yes, I did. And it takes much less time to get the paperwork processed.
  9. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

    How about a how too?
  10. Seacowboys

    Seacowboys Senior Member Founding Member

    No problem; it really is even more simple than it sounds. A living trust is a tax entity and as such, has no finger prints or back-ground checks and answers to no legal sign-off. The NFA is nothing (I repeat loudly "NOTHING") more than a tax on weapons. I purchased the Will-maker software on-line for around $30.00, if I remember right. I followed the instructions to create a living trust document with myself, my wife, and my best friend named as "Trustees". This give us the right to buy, sell, barter, any assets assigned to the trust. There was a good "walk-through" primer on ARF that I followed to file my first form 4 with some of the lines just left blank where it was applicable. I include a notarized copy of my trust document along with a $200.00 check. Any Class lll dealer can walk you through the process once you create the living trust document. Some states require that you file your trust at the court-house or tax assessors office but Alabama doesn't require that and the BATFE doesn't require it either. I recommend getting the Will-maker software, you can download it for a fee.
  11. Seacowboys

    Seacowboys Senior Member Founding Member addition to being a trustee. I am also the beneficiary of the trust and this is totally legal.
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