So I am applying for a CCW permit (NY) and at the mandatory 4hr and 45min training course I over hear someone saying, to someone else. You should think about setting up an LLC. Not looking for legal advice just wondering why an LLC would be good? And if so where I can get more information.
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I don't have any info on an LLC but two friends in upstate NY, one around Downsville and the other near Binghamton both easily received their full carry permits. Going further south like Westchester well good luck.
BTW, all NY permits are full carry. Administrations in certain counties put the restrictions on them NOT the state so by chance if you were to carry with a permit designated "target" and found out you would of course lose that permit but there would be no legal issues. OF COURSE BY NO MEANS AM I RECOMMENDING THIS.
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In a county with admin restrictions an LLC might get you "business carry". Less restrictive than "hunting/target" but more restrictive than "unrestricted". Erie County has been handing out unrestricted more and more lately but it used to be hunting/target until you had a permit 5 years.
Assuming they were suggesting that the LLC would protect you personally my opinion for what it's worth is that would do nothing for you... if you do something that others feel harmed them... the acting directors or any corporation are ultimately responsible for the actions of the corporation.. It's just that the corporation has to be sued and lose first then the 'directors' and then be sued for more damages....
You might also have overheard people talking about setting up for their FFL. For a state dealer's license we have to go through the same process as the NY pistol permit process every three years. We don't retake the course but the same application, same prints, same references every three years.
Perhaps that you put all your other stuff in an LLC and if you get into a shoot and sued then they cant go after your stuff? Only thing that comes to mind and I'm not sure its a real thing.
Agreed, I don't think that's a thing. Unless one could successfully claim, ' I didn't shoot the gun, this LLC did.'
Pretty sure that if you lose a lawsuit for something you personally do, any and all of your property is at risk, including business interests you own, like stock and partnership/LLC interests.
What LLCs might do is the other way around. If there are legal proceedings against an LLC, the theory is that it's the LLC's assets that are at risk, not the LLC's owners' assets. Thus, for someone opening a gun shop, for example, an LLC would help protect their personal assets outside the LLC if the gun shop got sued.
Again, that's the theory and there are ways for plaintiffs to try to 'pierce the corporate veil' and try to go after owner assets, if it comes to that.
My guess is that the OP overhead someone giving advice to someone who was thinking about opening an FFL business. Or, maybe, lusting after an "Any Other Weapon" where there are some practical advantages to having those full-auto beasties owned by an LLC.
I am not a lawyer but this sounds backwards.
Put your personal and business properties in trusts and LLCs and if you get sued personally your stuff is protected.
You don't own it, they can't take it.
Consult a real lawyer who specializes it asset protection to do it correctly in your state.
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