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Pros & Cons...Trust vs. LLC/LLP, etc. Login/Join 
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Picture of jcsabolt2
posted
Got a question for the group. I have a trust that one of our favorite SIGforum attorneys put together and it has worked well, no issues. However, were I transfer most of my gun stuff he does NOT accept trusts for conducting purchases for suppressors, etc. Apparently he has had people with issues with some local attorney jacking them up and causing some massive delays. Anyway, he works with a bunch of attorneys himself and said all of them use - I think he said - LLC or LLP instead of a Trust. Is there any reason/benefit in doing it this way? More curious than anything else.


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“Nobody can ever take your integrity away from you. Only you can give up your integrity.” H. Norman Schwarzkopf
 
Posts: 3155 | Location: OPSEC | Registered: July 06, 2006Reply With QuoteReport This Post
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posted Hide Post
I'd find another dealer. No reason not to sell to trusts, other than it's a slightly longer wait and he has to store the device. Locally you pay for the device first, so a sale only costs safe space. On a suppressor, that's not much.
 
Posts: 14810 | Location: Lexington, KY | Registered: October 15, 2006Reply With QuoteReport This Post
For real?
Picture of Chowser
posted Hide Post
Find another dealer.

Not sure what trouble your dealer had in the past with a trust but for him, transferring to a trust or an llc shouldn’t make a difference to him. It’s approved by ATF. He just does the 4473 to YOU! Not the trust. He doesn’t even need to call that 4473 in.

Someone correct me if I’m wrong. It’s been awhile.



Not minority enough!
 
Posts: 6174 | Location: Cleveland, OH | Registered: August 09, 2007Reply With QuoteReport This Post
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Picture of CandyMan.45
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As other's have stated, find a new dealer! The other downfall of using an entity is they need to be renewed w/ the state every year for a fee.

This message has been edited. Last edited by: CandyMan.45,
 
Posts: 1130 | Location: The Edge of Nowhere... | Registered: April 05, 2013Reply With QuoteReport This Post
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My first can was an LLC back when the ATF was not doing many trusts. Don't go that route. It has been a bitch taking care of. A trust, or individual is the simplest way to go. As for the transfer, the dealer has jack shit to do with your trust or LLC. they may send it in, but they have 0 to do with it. Fill out the paperwork, provide your pictures, finger prints, trust and they ship it out.
 
Posts: 5411 | Location: Virginia | Registered: December 23, 2010Reply With QuoteReport This Post
Stay Classy!!
Picture of Crockett040
posted Hide Post
Your dealer is not doing his customers any favors.
Depending on your state, you may have to file a tax return on that LLC
 
Posts: 359 | Location: Iowa | Registered: July 21, 2005Reply With QuoteReport This Post
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