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 Post subject: NFA Items and Non-Active Corporation
PostPosted: Sun Mar 10, 2013 8:27 am 
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What happens if you have a silencers under a Corporation and it goes out of business or is sold. What will happen then? Can they be sold? Turned in or picked up! A guy I know had a business and sold it. Wondering if I can buy his can???

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Eddie


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 Post subject: Re: NFA Items and Non-Active Corporation
PostPosted: Sun Mar 10, 2013 9:59 am 
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Silent But Deadly
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I see your bold print and raise you a large.

The corporation may be sold without transferring the NFA firearms.

It is my understanding that if the corporation dissolves the items must be surrendered to the ATF or legally transferred.

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 Post subject: Re: NFA Items and Non-Active Corporation
PostPosted: Sun Mar 10, 2013 11:46 am 
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doubloon wrote:
I see your bold print and raise you a large.

The corporation may be sold without transferring the NFA firearms.

It is my understanding that if the corporation dissolves the items must be surrendered to the ATF or legally transferred.


If the corporation dissolves with NFA items inside then the NFA items are now contraband as they now have no legal owner......noone but the ATF can touch them. They must be transferred out prior to the corporations dissolution.

If the corporation is sold then the NFA items go with it....unless you Form4 them OUT of the corporation to someone or an entity.

In the OP's situation, since the business is already sold I am assuming that the NFA did not go with it, they are now illegally possessed by your guy. Without a Form4 transfer they are still legally owned by the business that he does not legally own.

Would definitely suggest he get the items to the lawful owner or he could face illegal NFA possession charges.

I would let him know and then back away, you don't want to be anywhere near this if what you post is accurate and didn't leave out key details.


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 Post subject: Re: NFA Items and Non-Active Corporation
PostPosted: Sun Mar 10, 2013 2:12 pm 
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Silent But Deadly
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Si!

Sorry, I provided a vague answer to a vague question. What really matters is whether or not the guy has legal possession of the NFA.

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 Post subject: Re: NFA Items and Non-Active Corporation
PostPosted: Sun Mar 10, 2013 4:31 pm 
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I talked to the guy and he said that the silencer went with the business. I misunderstood what he told me. New owner wont sell it! Any how! I will just have to go with silencershop.com for another suppressor!

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Eddie


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 Post subject: Re: NFA Items and Non-Active Corporation
PostPosted: Mon Mar 18, 2013 7:31 am 
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Businesses are not considered dissolved until all it's assets are disposed of. Although a business entity may have expired due to non-payment of annual fees, as far as the law is concerned, it can still act to dispose of property. That being said, it would not be wise to intentionally not transfer an NFA weapon after dissolution.

Nick
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 Post subject: Re: NFA Items and Non-Active Corporation
PostPosted: Mon Mar 18, 2013 8:54 am 
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Silent But Deadly
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Good replies fellas, sounds spot on. One other thing:

Bendersquint wrote:
If the corporation dissolves with NFA items inside then the NFA items are now contraband as they now have no legal owner......noone but the ATF can touch them. They must be transferred out prior to the corporations dissolution.

If the corporation is sold then the NFA items go with it....unless you Form4 them OUT of the corporation to someone or an entity.


tacticalhillbilly, just a point of clarification...

Like any other corporate-held asset, you must respect the right of the corporation ownership... you can't just pull them out. The corporation is a legal entity and has rights. Basically you can BUY them off of your own corporation for fair market value... so get out your own personal checkbook.... or kick them out as a DIVIDEND and pay income tax.

Either way, talk to your accountant so you don't get caught being a bad-boy who isn't paying his fair share.

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 Post subject: Re: NFA Items and Non-Active Corporation
PostPosted: Wed Mar 20, 2013 5:05 pm 
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locolife wrote:
Businesses are not considered dissolved until all it's assets are disposed of. Although a business entity may have expired due to non-payment of annual fees, as far as the law is concerned, it can still act to dispose of property. That being said, it would not be wise to intentionally not transfer an NFA weapon after dissolution.

Nick
Firearm Estate Services


Wouldn't this vary state by state?

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