Posted: 2/9/2012 2:19:40 PM EDT
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I'm looking to purchase a suppressor and an SBR.
Is there a short answer as to which is better, a trust or an LLC? TIA |
| Not generally for an individual in so far as NFA ownership is concerned. As a matter of fact it could be far worse. Case in point, some places require you to re-file your LLC every year if you for some reason you neglected to do so your LLC is dissolved and you are now in possession of unregistered NFA because the owner is effectively "dead". Also in order to maintain an LLC properly you must hold a shareholder meeting annually, file taxes, maintain a corporate structure and log etc. where as a trust, for all intents and purposes is like a will. Once it's established so long as no changes are necessary, it is maintenance free for life. |
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Not generally for an individual in so far as NFA ownership is concerned. As a matter of fact it could be far worse. Case in point, some places require you to re-file your LLC every year if you for some reason you neglected to do so your LLC is dissolved and you are now in possession of unregistered NFA because the owner is effectively "dead". Also in order to maintain an LLC properly you must hold a shareholder meeting annually, file taxes, maintain a corporate structure and log etc. where as a trust, for all intents and purposes is like a will. Once it's established so long as no changes are necessary, it is maintenance free for life. In PA I file a PA RCT-101-I each year for my LLC. No big deal. It is 3 pages long and I do it online. No other expenses. Do to my age and health issues I am going to put my LLC in two of my son's names. I will be on the LLC as a VP or treasurer. Dane |
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I went with a trust. I retained attorney Joshua Prince to draft the trust and I was VERY happy with the results. I would like to use him also, what office location did you use ? How long where you there getting the trust set up ? Thanks Everything was handled via telephone and mail. It was quick and painless, and he really took time to explain the trust and answer any questions that I had. My trust was concluded within a week, but I can't say if that's typical or not. |
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I went with a trust. I retained attorney Joshua Prince to draft the trust and I was VERY happy with the results. I would like to use him also, what office location did you use ? How long where you there getting the trust set up ? Thanks Everything was handled via telephone and mail. It was quick and painless, and he really took time to explain the trust and answer any questions that I had. My trust was concluded within a week, but I can't say if that's typical or not. That is about how long it took to set up my Trust with Prince Law. |