If you enjoy the forum please consider supporting it by signing up for a NES Membership The benefits pay for the membership many times over.
Be sure to enter the NES/MFS November Giveaway ***Sarsilmaz SAR9***
A heads up to those submitting NFA stamp forms....
Be sure to include a full copy of LTC or MG license/green card (as applicable) with your application. I am getting reports from people that forms are getting rejected because they failed to include their appropriate license with their application.
It makes zero sense as a trust can't have an LTC.
Well, that kind of is the core of the problem. There is no inherent "Free by default" ownership in MA of anything firearm related. BATFE is a bunch of jerkwads when it comes to ensuring "legality of ownership" on an NFA transfer. My guess is this change is as a result of the meddling bullshit that went on a few years ago where the state tried, in a very limpwristed fashion, to destroy the validity of NFA trusts but failed to do so.
A question for the legal experts. LLCs and corporations have $500 annual filing fees. Non profit corporation annual filing fees are only $15 - why aren't more people creating non profit corporations as entities for their NFA firearms?
Because a trust works and has no tax implications.
Nothing to be taxed if your corp doesn't generate money though, right? Or 501(c)3 if you really wanna push the envelope. I'm not trying to be argumentative - just contemplating an alternative for if/when the trust solution is legislated away.
Gun trusts are preferred by many people over business entities such as corporations or LLCs due to their affordability and simplicity, as well as the privacy that they provide.
There wouldn't necessarily be any tax obligations as a result of using an business entity (only if you have a profit), but you would have ongoing public filing obligations (annual reports). Annual reports aren't particularly burdensome, but a lot of people would prefer to avoid this hassle and prefer the privacy of a trust. Also, you have to pay $500 a year for the privilege of being incorporated in the commonwealth, on top of the costs of forming the entity. As for formation costs, at present, I charge a flat fee of $650 for LLC formation, which includes the certificate of formation and an operating agreement. This does not include the $500 filing fee (payable to the commonwealth).
As an aside, a corporation formed for private benefit (such as holding title to firearms) wouldn't be able to get 501(c)(3) status (exemption from federal income tax). And even if it was possible or beneficial to seek the exemption, it would cost $400 just for the application, and would take at least 4 months (possibly 18 months or more) to receive your approval. In certain instances, you might be able to form as merely a non-profit, however. Note that not all non-profits are 501(c)(3)s, but all 501(c)(3)s are non-profits.
I'm happy to discuss offline if you're interested in learning more.
I've been looking for the answer to this and I can't find it on NES or the ATF website.
Can I apply for an NFA stamp for a suppressor using Maine as my part time residence? I recently learned that standard firearm sales using 4473s recognize part time residency and spell out the requirements for such, which makes me wonder if I, as a Mass resident with a house in Maine can get NFA items (a suppressor) as long as I don't transport them out of the state.
I hope that makes sense.
Thanks for the input.
just to clarify, I am not a dual resident, but a part time resident. I have a domicile with an established address, etc, but I do not declare dual residency, specifically because of the crazy tax rate it would leave me. But as far as I can tell from the ATF, they recognize part-time as well as dual residency.
Ill check with Uel at Weaponcraft and will definitely let him know you referred me. Thanks again.
Based on the example used in the instructions, it would appear that a "part-time resident" would qualify. Good luck and please keep me posted (here or by PM). I'd to hear how you make out.
quick question ... Rock.. I did my Eform1 online... I didn't download a copy of my LTC.. do I need to?
Sorry Jack, just saw this now. You should upload your LTC and those of any and all other co-trustees of the trust. Your application will likely be rejected without it. Good news is that if your application is still pending, you should still be able to upload it.
I've done 3 SBR's now, all electronically filed, and have not provided the LTC of co-trustees, only my own. They haven't rejected it.
Since we all know how consistent the ATF is, YMMV.
ATF-41P. CLEO sign off no longer needed. Only notification.
Takes effects in 180 days... Mark your calendars.. July 3/4th , 2016