Posted: 5/21/2006 12:05:45 PM EDT
| Hi, I was just wondering if you guys ever got your LLC going. I'm still researching how to maintain an LLC...if it's just an one time thing or what. |
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I've put in the paperwork for my LLC. It's relativly easy to do and you do not have to register your LLC in Idaho and the LLC is perpetual so it does not expire unless you put in an expiration date on the forms. I did mine through an online company www.mycorporation.com they're owned by the same company as TurboTax. It cost about $100 more to use them but this way they do all the name research and take care of the forms. In Idaho it's required for the LLC manager to sign the forms so they had to send them to me to sign and then I forwarded them on to the Corp commission with the filing fees. I didn't expidite the paperwork so it will take about 6 weeks to process. Snake River Ordnance LLC is born! |
It also allows you to share your toys with other members of the LLC without any headaches. If you own an NFA item YOU are the only one that is legally allowed to have access to it. You can let others handle and shoot it in your presence, but you cannot let them take it and go off shooting for the day without you there. Being members of an LLC means that your NFA items are registered as property of the LLC and not an individual which means ANY member of the LLC can have access to them any time they like. If you currently own NFA items you have to have them locked in a safe and only YOU can have the combination to it, not your wife, your dad, your cousin, etc. It also allows you to leave your NFA items to your family (as long as they are LLC members) without them having to transfer ownership and possibly paying the $200 trasfer tax on each item all over again. |
A trust may be better off being written up by a lawyer for you. I talked to a lawyer about setting one up at first and after weighing the pros and cons of both decided on the LLC. My lawyer quoted me approxamately $250 to write one up for me. |