FN FiveseveN Forums - How to become a Corp.

Posted by RBMG:

FN FiveseveN Forums - How to become a Corp.: "As an alternative to forming a corporation for NFA you might want to consider going the Trust route. A Trust is a legal entity and as such is no different than a Corporation holding NFA items. Under the United States Department of the Treasury, Bureau of Alcohol, Tobacco and Firearms, Federal Firearms Regulations, Part 179 �Machine Guns, Destructive Devices and Certain Other Firearms�, Section 179.11 specifically defines a Person (i.e. someone who is authorized to purchase NFA) to include Trusts as well as Corporations. If someone does not want to deal with signoff or cant get it, the corp or trust route is the only answer. The main benefits of a trust are that you don�t have to pay the annual fee to the Division of Corporations in Tallahassee every year to keep it active like you do with a corp., the ability to pass on the assets to your heirs, and the fact that the trust is more private. With a corp. (at least in Florida) your name and address is available to anyone on the internet site for the Division of Corporations. There is no registration of a trust (at least in Florida), so there is no place for outsiders to get such information. The cost savings is what a lot of my customers have been interested in. Here is a good example. I sold a .22 suppressor for $300.00 to a person who had already paid $200.00 to set up a corporation for NFA (filing fees, corp book, etc.). He has had the suppressor now for 5 years. With the Florida Corporate annual fees he has paid $750.00 in annual fees and will continue to pay $150 a year as long as he wants to keep the suppressor. Alot of money for a $300 suppressor. Also for legal entities like trusts or corps, there are no fingerprints or photos submitted with a transfer of an NFA item so �theoretically� the transfers should go a 'littl"