Who has a corp for Class III?

[unclemoak]

I was interested in setting up a Corporation for ownership of class III goodies and wanted to get some insight from others who have done the same.

[GunLawyer001]

In Pennsylvania, for an entity that won't make a profit and will only be used to acquire NFA stuff, I'd go with an LLC. Much easier to operate, no formal "meetings" of the shareholders, no appointed officers. Just make sure that you have it prepared by a professional who understands the purpose, because you'll need some tweaks to the standard LLC documents if you plan to be in personal possession of registered firearms.

[unclemoak]

In Pennsylvania, for an entity that won't make a profit and will only be used to acquire NFA stuff, I'd go with an LLC. Much easier to operate, no formal "meetings" of the shareholders, no appointed officers. Just make sure that you have it prepared by a professional who understands the purpose, because you'll need some tweaks to the standard LLC documents if you plan to be in personal possession of registered firearms.

I know a LLC can be easier to deal with, but as stupid as it sounds, I want to be able to have the title of CEO.

I know that is a really dumb reason to put up with a little extra paper work, but......

[Asmodeus]

In Pennsylvania, for an entity that won't make a profit and will only be used to acquire NFA stuff, I'd go with an LLC. Much easier to operate, no formal "meetings" of the shareholders, no appointed officers. Just make sure that you have it prepared by a professional who understands the purpose, because you'll need some tweaks to the standard LLC documents if you plan to be in personal possession of registered firearms.

I'm curious as to what those tweaks might be.

All of my F4s have the guns registered to:

My Name
My LLC name
My address

[SigForLife]

I'm curious as to what those tweaks might be.

All of my F4s have the guns registered to:

My Name
My LLC name
My address

Sure, wouldn't everyone like free legal advice!

[GunLawyer001]

I'm curious as to what those tweaks might be.

All of my F4s have the guns registered to:

My Name
My LLC name
My address

Your guns are only registered to one legal person, it's either you or your LLC, not both. Your LLC and the associated operating agreement need to be tweaked to reflect that legal reality, because only the registered owner can be in possession in the absence of appropriate agency documents.

[BSOG60]

Plus 1 on the Operating Agreement.

it should have some specific language on owning , transferring, shooting, etc..

[spabula]

I was interested in this, and have one question. I was under the belief that if you set up a corp or an LLC that you eventually had to turn a profiit so as to not be considered a "hobby" by the IRS. Any input on that or can you point me in the correct direction? My search-fu is failing me bad.

[GunLawyer001]

I was interested in this, and have one question. I was under the belief that if you set up a corp or an LLC that you eventually had to turn a profiit so as to not be considered a "hobby" by the IRS. Any input on that or can you point me in the correct direction? My search-fu is failing me bad.

I'm no tax lawyer, but my recollection is that the hobby-loss rule only applies if you use your "business expenses" to offset other income. Often applies to women with horse breeding "businesses" that never show a profit, with the cost of the hay and vet bills used to offset the husband's actual income. If your corp or LLC just sits there, it can remain active as long as you keep up with any necessary filings with the state.

[Asmodeus]

Sure, wouldn't everyone like free legal advice!

Not interested in free legal advice (it would be worth what was paid for it), just a request for clarification.

I was just pointing out that my name, along with the name of the LLC, is on all my F4s in box 2a, and FWIW, I keep copies of my LLC paperwork in the same folders that are in both my homes and with my cars whenever I travel with NFA stuff.

I've seen other LLC holders, who did not have their name directly associated with their LLC (my LLC name is my last name), jump through hoops to prove to local LEOs that they were the owners of the guns.