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New postPosted: 08 Aug 2007, 19:33 
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CarbineReloaded wrote:
boscobryant wrote:
Remember with an LLC you are required to pay taxes each year on the corp.


No your not.


http://www.irs.gov/businesses/small/article/0,,id=158448,00.html

Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregardedâ€￾ for the purpose of filing a federal tax return.

Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.

If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040, Schedule C, E, or F.

Most LLCs with more than one member file a partnership return, Form 1065. If you would rather file as a corporation, Form 8832 must be submitted. You don’t need to file a Form 8832 if you want to file as a partnership.

LLCs filing Schedule C or F

Members of LLCs filing Schedule C or F are subject to self-employment taxes on earnings.

LLCs filing Partnership Returns

Generally, members of LLCs filing Partnership Returns pay self-employment tax on their share of partnership earnings.

There is a special rule for members who are the equivalent of limited partners. They pay self-employment tax only if the LLC pays them for services.

Use Schedule SE (Form 1040) to figure the tax due on net earnings from self-employment.


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New postPosted: 09 Aug 2007, 04:33 
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90% of the trusts are set up as a Husband/Wife - trusts are used enstead of using a will - wills change from state to state, trusts do not. With that said. Set the trust up with officers (like any LLC). All officers of the LLC or trust are allowed by law to access all assets of the trust/LLC. What we do here is the same. Since are local sheriff is semi educated and don't understand why he actually signs off on the form he will not. So..... a four and five member (trust officers) trust is designed to allow the officers of the trust to posses class III items. I have mine set-up for my wife, daughters, and son in law. As you may already understand that if you (personal) file paperwork for class III item, your wife can not have access to that item without your presence. Must be locked in a safe (or other place) that the wife or anyone else can not have access to. Try keeping your wife out or an area without pissing her off. By setting up the trust with officers, this will eliminate these types of issues. FYI - mine was set up prior to me getting married, which means that I can have my wife removed as an officer if I want and change it to someone else at will. Local law enforsement also will do the trust with officers to allow pooling/possesion of class III items. Remember that like an LLC, all items are under the trust. This is why no fingerprints, photos, or signiture is required for purchase. One note - Texas does not require the trust to be documented (registered) in the states controllers office to be legal, only noterized. Check to see if your state requires trusts to be registered in your state - not all states require this to be done. All LLCs must be registered in every state.


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 Post subject:
New postPosted: 09 Aug 2007, 08:05 
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boscobryant wrote:
.........


You are way off the mark regarding a revocable/grantor trust. I suggest you do some research as to what the roles of the grantor, trustee, successor trustee and beneficiary are.

This is a good place to start.

http://www.irs.gov/businesses/small/article/0,,id=106551,00.html


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 Post subject:
New postPosted: 09 Aug 2007, 10:42 
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Not sure were the misunderstanding is - I CURRENTY have a trust set-up with multiple officers not just a single trustee. This can be done in any state. Tax documents have nothing to do with how the trust is set-up or managed. Any trust can have muliple trustees or officers if you decide to set it up that way. Remember that a trust can be used to hold real property in trust (like ClassIII item). Every officer of the trust has a say in its use. I find humor, when told I don't understand my own trust documentation. Which by the way is fully functional and currently in use (with its officers) puchasing Class III items.


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 Post subject:
New postPosted: 09 Aug 2007, 11:27 
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boscobryant,

LLCs do not have officers. They have members and managers.

I'm curious as to what roles "multiple officers" have in your revocable trust. I provided the above link so that you could familiarize yourself with proper trust terminology.


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 Post subject:
New postPosted: 09 Aug 2007, 13:08 
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Sorry for the using the term muliple officers - by definition "Board of Trustees" but the bottom line is they are officers of the trust. The trust is NOT set-up for land, banking accounts, etc ONLY Class III weapons. FYI - I know nothing about LLCs except that it was NOT recommend by my attorney. The trust was and set up by him 12 years ago for one purpose only.


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New postPosted: 09 Aug 2007, 13:44 
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boscobryant,

It sounds like your attorney set up something far different than the revocable living trusts or grantor trusts we have been discussing.


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 Post subject: Re: How to: Setting up an LLC in Maricopa County
New postPosted: 26 Jun 2008, 12:17 
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NVM answered my question. Was looking for the name search field; http://starpas.azcc.gov/scripts/cgiip.e ... er1/main.p

Need to setup an LLC now for my 01 FFL.


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 Post subject: Re: How to: Setting up an LLC in Maricopa County
New postPosted: 08 Nov 2009, 16:51 
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Used Legal Zoom to set up an LLC for the transfer. Quick, efficient and painless. Great not having to jump through hoops to do the transfer.


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 Post subject: Re: How to: Setting up an LLC in Maricopa County
New postPosted: 02 Jul 2011, 21:22 
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Maybe im just slow but would setting up an LLC allow you to buy new full auto firearms (for example from Red Jacket firearms) or do you need to go another route in order to do that?


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 Post subject: Re: How to: Setting up an LLC in Maricopa County
New postPosted: 18 Jul 2011, 21:58 
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TheStig wrote:
Maybe im just slow but would setting up an LLC allow you to buy new full auto firearms (for example from Red Jacket firearms) or do you need to go another route in order to do that?


It's two separate ideas:

Idea #1 - A trust is a type of "legal person" that can own things. This includes NFA items such as firearms. A corporation and an LLC are also "legal persons" but a trust is much more simple to do.

Idea #2 - For NFA firearms, one can purchase new items such as suppressors, SBR's, and more. But full-auto is specifically called out:
* full auto manufactured before May 1986 may be purchased if it was registered on the NFA list back then - these are known as "transferable" most places. It's possible to find a "new" (or actually never-fired) NFA sometimes, but it's pricier. A private citizen, a corporation (legal person), or a trust (legal person) can own one of these transferable NFA's when the current process ($200, proper form, background check, etc.) is done.
* to purchase a full auto manufactured after 1986, from another person or from the factory, that's a different ballgame. Not impossible, but the basic high-level idea is that if you had a company that was in the business of manufacturing gun-type-stuff and your company had filed for the proper licenses (and in some local jurisdictions it also means local approvals), then you could buy a brand new HK MP5. Likely your business would also be a corp, LLC, or some "legal person."

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 Post subject: Re: How to: Setting up an LLC in Maricopa County
New postPosted: 18 Jul 2011, 22:40 
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zr1 wrote:
TheStig wrote:
Maybe im just slow but would setting up an LLC allow you to buy new full auto firearms (for example from Red Jacket firearms) or do you need to go another route in order to do that?


It's two separate ideas:

Idea #1 - A trust is a type of "legal person" that can own things. This includes NFA items such as firearms. A corporation and an LLC are also "legal persons" but a trust is much more simple to do.

Idea #2 - For NFA firearms, one can purchase new items such as suppressors, SBR's, and more. But full-auto is specifically called out:
* full auto manufactured before May 1986 may be purchased if it was registered on the NFA list back then - these are known as "transferable" most places. It's possible to find a "new" (or actually never-fired) NFA sometimes, but it's pricier. A private citizen, a corporation (legal person), or a trust (legal person) can own one of these transferable NFA's when the current process ($200, proper form, background check, etc.) is done.
* to purchase a full auto manufactured after 1986, from another person or from the factory, that's a different ballgame. Not impossible, but the basic high-level idea is that if you had a company that was in the business of manufacturing gun-type-stuff and your company had filed for the proper licenses (and in some local jurisdictions it also means local approvals), then you could buy a brand new HK MP5. Likely your business would also be a corp, LLC, or some "legal person."

Never did the trust but setting up an LLC takes about 30 minutes downtown and I think cost me $85 to form it with expedited processing (I believe it's $50 with regular processing) and another $40 to publish it. Was actually a pretty painless process

and a couple reasons to do it are to keep your personal info off the firearm (I believe you need to engrave your SSN on it if you register it to yourself) and so that say you want a family member (brother, father, son, etc.) to be able to use it without being there, you put them on the paperwork as well and you're good to go


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 Post subject: Re: How to: Setting up an LLC in Maricopa County
New postPosted: 02 Jun 2013, 09:42 
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Very good post and good information

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