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Thread: another legal question
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February 17th, 2007, 03:36 PM #1
another legal question
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?
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February 17th, 2007, 04:58 PM #2
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February 17th, 2007, 05:18 PM #3
Re: another legal question
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.
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February 17th, 2007, 05:53 PM #4
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