How do you purchase your NFA goodies

[mojo]

I'm getting interested in SBRs and Suppressors and am curious as to how most of the NFA owners here buy their goodies. I'm going to guess that most people do it without a Corp or Living Trust.

[mojo]

For those that do it through a Corp ... I already have an LLC setup. So all that I need to do is have my operating agreement changed, or would there be more to it?

[JayBell]

directly.

I've purchased items from dealers, from friends, and made them.

All on f1 or F4 with CLEO sig.

I guess I've been lucky enough to live in places where the CLEO signs.

As to your LLC question, I'd create a new LLC or Corp JUST for the NFA stuff, say yopur other LLC goes bankrupt or something, your NFA is an asset of that corp, and ya dont want to lose it.

Also, you couldn't get me to stuff NFA items into any kind of trust on a bet.
Lots of people are doing it, and my lawyer advises against it.

Gov't lawyers break trusts all day long, dont think yer protected.

[mojo]

Yeah, I don't think that I would have a problem getting a CLEO sig, but it definitely seems like there are a lot more hoops for an individual than a corp to buy them.

You do make a good point about going bankrupt, but my LLC is all mine and its just for my side jobs. I don't ever seeing it going bankrupt though, but you never know. I guess I could really mess up someone's network and they could sue the company. In that case they could go after the NFA stuff.

[ungawa]

You do make a good point about going bankrupt, but my LLC is all mine and its just for my side jobs. I don't ever seeing it going bankrupt though, but you never know. I guess I could really mess up someone's network and they could sue the company. In that case they could go after the NFA stuff.

If you weren't concerned about losing your possessions due to liability/obligations associated with your side jobs then why did you set up the LLC in the first place?

Although I guess protecting against losing your house might be worth creating a LLC whereas protecting against the loss of a $1K SBR might not be worth creating a new one to some people.

[mojo]

If you weren't concerned about losing your possessions due to liability/obligations associated with your side jobs then why did you set up the LLC in the first place?

Although I guess protecting against losing your house might be worth creating a LLC whereas protecting against the loss of a $1K SBR might not be worth creating a new one to some people.

Short answer ... my accountant thought it would be best. There are a lot of benefits to running all that through a separate business.

[ungawa]

Short answer ... my accountant thought it would be best. There are a lot of benefits to running all that through a separate business.

Short question ... Do you file your business income on a Schedule C?

If so, there would be no financial benefits in using an LLC versus doing business in your name. The primary benefit would be protection of your personal assets.

[fullauto223]

directly, but I have been thinking of putting my large assets commercial, residential and camp properties, NFA items ect............. into a trust for my kids soon.