Suppressor's registered to my LLC. Can I sell my LLC with the suppressors?

[Guest drv2fst]

I have several suppressors registered to my LLC.  It has no other assets or activity.  I created it just for this purpose several years ago.  If I find an interested buyer can I just sell them the entire LLC including all the suppressors and therefore eliminate the NFA wait time altogether?

[LawEnforcementSalesTN]

If the LLC is in good standing yes, the LLC entity owns the items and no ATF transfer occurs when it's sold.  This is one of major PROs of a LLC/Corp.  Downside of course is the yearly filing, documented meetings, taxes and everything else. If you decide to disolve the LLC the items must be transfered prior to doing so or they become contraband.

 

Keep in mind if the LLC/item's location changes (more than likely) there will be forms you'll still have to file ... a 5320 at a minimum.... I do not know the entire process but I'd extect the ATF may want to see new articles and sales agreements before they approve the 5320.

Edited January 16, 2014 by LawEnforcementSalesTN

[Guest drv2fst]

Thanks.  I've done the 5320's before when I moved.  They didn't ask for anything and the approval was quick as there is essentially nothing to examine or research on their part.

[LawEnforcementSalesTN]

Yep but what they did see was your signature and I'm positive they then verified that against the ariticles of corporation when you sent them in with your Form 4s... DRV2FST owns the LLC, DRV2FST on the 5320 - things good!!!

 

But fast forward a bit and Mike Dresner is now the new owner of DRV2FST LLC, wait, who is Mike Dresner??? .. don't see him on any of the corp documents or past transfers we have on file.... that's what I'm getting at... I've never known anyone personally who has sold their NFA LLC this but I do know it happens all the time. 

 

You may could post the 'what to do' question on the Sturm NFA/SEMI forum.  It's a more specialized board for NFA and there will be plenty of folks who have done this very thing that can help with the specifics.

 

http://www.sturmgewehr.com/webBBS/semi4sale.cgi

[Dolomite_supafly]

I have not dealt with trusts so I might be talking out of my ass. What about ammending the trust to add the potential purchaser as the successor trustee then you step down so he could be the controlling party?

 

I am not sure if you could amend the trust or not..

[Guest drv2fst]

This isn't a trust, it's a company specifically an Limited Liability Company (LLC).  Your point is still valid though.  I could ADD the buyer as a member of the LLC and then when the sale is complete we could remove me from the LLC.