Class 3 NFA Question

[fredieusa]

Cannot seem to get a straight answer on this from anywhere. Even FFL/SOT dealers have varying views..

Here is the scene..

Mr. X is a CA resident and owns 50% partnership in a corporation in say NV.

Can Mr. X's corporation (in NV) buy "Transferable Sears" as investment/ company asset, and Mr. X sign on behalf of the Corporation?

what are your views?

Some background.

Sears will be stored in NV
The other partner is a resident of NV.
Being a corporation, the CLEO sign off is not required.

[NeoWeird]

Cannot seem to get a straight answer on this from anywhere. Even FFL/SOT dealers have varying views..

Here is the scene..

Mr. X is a CA resident and owns 50% partnership in a corporation in say NV.

Can Mr. X's corporation (in NV) buy "Transferable Sears" as investment/ company asset, and Mr. X sign on behalf of the Corporation?

what are your views?

Some background.

Sears will be stored in NV
The other partner is a resident of NV.
Being a corporation, the CLEO sign off is not required.

I BELIEVE the way it works is the NFA items are not actually owned by any person, even if the entity is only run by one person, but rather by the entity itself. So the NFA items must follow federal and local laws of where the entity is established; regardless of if any/all/none of the persons in the entity reside in the same state as the entity.

Any person within the entity, say the head executor of an estate for example, can take posession of any items in the entity's control but the items must remain within the entity's collective. So you, as an agent of the entity, may take the items to the range but I don't believe you can keep them at your personal home unless your personal home is the location of the entity.

I know this is getting confussing, but what laws aren't.

Again, I don't know for sure, but I believe that as long as the entity is within a state where it is legal, you are legally allowed to acquire NFA items but they must remain with the entity. You can't create the 'Mr X's Family Trust" and buy a dozen auto sears and give one to each person in your family as an agent of the trust; the collection must reamin with the primary agent/authority figure and must reamin in the location of the entity itself.

So I believe a rLL could be bought with your corporation, left with your corporation, could never come into California but could be used by you as an agent of the corporation in your own guns while visiting the corporation.

At least that's how I undestand it with my relatively limited research on the subject.

[OCArmory]

In short your answer is yes. Using a corporation means that the corporation owns the item not one individual.
Mike

[CHS]

Heh, buying sears as an investment right now, after the heller ruling, might not be the best idea.

[ke6guj]

One thing that comes to mind is that even though the "corp" is buying the NFA items in NV, the actual person taking possession must fill out a 4473. So, the CA resident would have to fill out the 4473 on behalf of the corp. How that works for an out of state resident, I dunno.

[Pvt. Cowboy]

People do this all the time.