another legal question

[bogey1]

im buying nfa items through my bricklaying company. what can i do to protect my nfa items from getting involved in a lawsiut, in other words, if my company gets sued and my nfa items are part of the corporation what can i do to keep them out of the lawsuit?

[bogey1]

Originally Posted by Mike Q

You should have formed a separate corp/LLC for the NFA items, then you won't have to worry about the NFA stuff in your existing corp during a lawsuit.

i asked my account about it but he said it cost alot more money every year, correct me if im wrong, i may of not explained it properly. can you give me a little more info on it.

[GunLawyer001]

Originally Posted by bogey1

i asked my account about it but he said it cost alot more money every year, correct me if im wrong, i may of not explained it properly. can you give me a little more info on it.

It may be time to shop around for a new accountant. An LLC or corporation that doesn't have employees or profits or losses shouldn't cost "a lot more money". It should cost you under $1000 once to form it, including legal fees and the $125 registration fee.

After that, you'll need a corporate resolution allowing you to personally possess the NFA assets, or an LLC's operating agreement doing the same thing.

Last time I checked, PA had eliminated the minimum annual corporate tax, and there never was a minimum LLC tax, so if you aren't regularly filing changes, there shouldn't be anything beyond periodic renewals. You don't pay income tax if there's no profit.

If your bricklaying company is sued, any judgment will be valid against anything and everything owned by the bricklaying company. Similarly, if an MG owned by the bricklaying company is misused, someone shot by it could sue the bricklaying company for everything else it owns, like trucks, mixers, and buildings.

[bogey1]

Originally Posted by GunLawyer001

It may be time to shop around for a new accountant. An LLC or corporation that doesn't have employees or profits or losses shouldn't cost "a lot more money". It should cost you under $1000 once to form it, including legal fees and the $125 registration fee.

After that, you'll need a corporate resolution allowing you to personally possess the NFA assets, or an LLC's operating agreement doing the same thing.

Last time I checked, PA had eliminated the minimum annual corporate tax, and there never was a minimum LLC tax, so if you aren't regularly filing changes, there shouldn't be anything beyond periodic renewals. You don't pay income tax if there's no profit.

If your bricklaying company is sued, any judgment will be valid against anything and everything owned by the bricklaying company. Similarly, if an MG owned by the bricklaying company is misused, someone shot by it could sue the bricklaying company for everything else it owns, like trucks, mixers, and buildings.

ok, i understand. is there anything i can do with my existing company that would protect my firearms? maybe if i purchase them with personal checks not business checks?