New to forum

[Gyrkin]

Just wanted to introduce myself. I couldn't find a specific sub-forum for introductions, hope this is the right place.

I have my first suppressor, an Omega, on order. It's backordered, so haven't even started the form 4 wait yet. A friend and I have a business that is incorporated, and he has several class 3 items that the corporation technically owns. Since I am an officer of the corporation I can also posses those items, and he has leant me his Elite-Irons Bravo suppressor that I have been running on my 300 BLK. It's been so much fun I figured I needed to get one for myself. Since the corporation route has worked so well for him I plan to go the same route. That will also give us the option of allowing him to posses my Omega when I eventually get it. Anyway, I'm still pretty new to suppressors and figured this forum would help me learn more.

[Fulliautomatix]

Do you have an actual business that you are going to incorporate, or is it solely for the NFA devices? If the latter, you may want to research a trust instead.

Here's a couple for starters:
viewtopic.php?f=2&t=133090
http://nfatalk.org/forum/showthread.php?t=12219

[Gyrkin]

Do you have an actual business that you are going to incorporate, or is it solely for the NFA devices? If the latter, you may want to research a trust instead.

Here's a couple for starters:
viewtopic.php?f=2&t=133090
http://nfatalk.org/forum/showthread.php?t=12219

Yes it is a going business, has been since 1995, and been incorporated almost as long.

[Gyrkin]

Also, to make it clear, I will be using the same corporation that my friend used, that already owns NFA items. We are both owners of that business.

[Fulliautomatix]

Ah, got it. It sounded like you were going to have a corporation as well. As long as the corporation stays in good standing in your state you should be good to go, and especially if the corp already exists.

[quiettime]

Welcome to the site.

I think you made a good choice on a first can. Silencerco has a good rep and from what I've seen its a good can at a fair price.

[bronko1975]

Welcome to the forum.

[David Hineline]

Just understand that none of the items are yours, they belong to the business and go with it. Partners die/split up, fight over assets. Even if your split best of friends you will have to do a form 4 again pay the tax again, to take possession of your items.

[quiettime]

Just understand that none of the items are yours, they belong to the business and go with it. Partners die/split up, fight over assets. Even if your split best of friends you will have to do a form 4 again pay the tax again, to take possession of your items.

Kinda what I was thinking but wasn't going to say anything and jinx him LOL

If you're planning on many more than just the one NFA item I'd strongly consider a trust of your own, that even your buddy/partner can be a trustee on.

[Gyrkin]

Thanks for pointing that out, but I'm not concerned. We have been business partners for 20 years now. The business already own numerous NFA items. We have discussed, and put in writing, what happens to everything in the event of anything happening.