NFA 2013 Checklist?

[bugout]

So I have seen a bunch of people posting similar questions and some are answered and then debated and then conversations drop off... I have also seen members who are professionals 'in-the-know' recant statements (?)

Can we get a checklist updated to (what will be) 2013 information? Selfishly, I would like to see this list reflect statues/ need-to-know for PA (Phila) residents.

Some discussions points that need final word on:

1 - LLC better? seems so based on points i have read addressing the question of 'trust integrity'/ being left holding items illegally.

2 - tax law - what's the 2013 final word? if you are LLC, you do report/ file or you don't? what specifically do you report (saw some statues quoted on another post about taxable amounts needing items in possession to reach a certain dollar threshold?)?

Just asking for some collaboration/ discussion here, so we can get an updated FAQ sticky up -

Please refrain from the flaming - I wouldn't ask for it, if the answers were already stickied, clearly posted (which they are not).

Thanks.

[mmi]

llc need officers .
taxes are up in the air all i know is there going up !!!!
you can change trustees easier on a trust ( if some one gets in trouble )

[ungawa]

llc need officers .

No they don't.

taxes are up in the air all i know is there going up !!!!

Taxes are on profits. If you use a company exclusively for NFA ownership then it shouldn't be doing business or making profits.

Now, it is true that LLCs in PA have some sort of asset fee but it doesn't kick in until ~ $150,000 (I forget, but it's high). Taxes may be going up, but that fee is going AWAY, I think as of 2012 but maybe 2013.

So, there are no taxes for an LLC.

you can change trustees easier on a trust ( if some one gets in trouble )

You can change owners/members of an LLC by signing a note on the back of a cocktail napkin and handing somebody a dollar.

I am not a lawyer. I just own a few corps and LLCs.

[Kramer]

No they don't.



Taxes are on profits. If you use a company exclusively for NFA ownership then it shouldn't be doing business or making profits.

Now, it is true that LLCs in PA have some sort of asset fee but it doesn't kick in until ~ $150,000 (I forget, but it's high). Taxes may be going up, but that fee is going AWAY, I think as of 2012 but maybe 2013.

So, there are no taxes for an LLC.



You can change owners/members of an LLC by signing a note on the back of a cocktail napkin and handing somebody a dollar.

I am not a lawyer. I just own a few corps and LLCs.

Good points and back the the officer issue, here in PA you can have a single member LLC/Corp, not all states allow that so it's easy to get one and keep it running for NFA.

I have had a LLC/Corp for my NFA since 2004 and it requires the minimum of paperwork to keep it going. I went this route because I did not hear too many good things about Trusts back then, but nowadays they are more reliable/trouble free.

[ungawa]

Good points and back the the officer issue, here in PA you can have a single member LLC/Corp, not all states allow that so it's easy to get one and keep it running for NFA.

That's a good clarification, thanks.