How to Own Class III Weapons
Corporate Transfers

In many instances, NFA weapons are transferred to corporations / trust, as corporate / trust assets. There are several reasons for this. Potential liability, moving assets to your heirs, ability to depreciate, etc.. In these cases, your dealer will require you to provide him with a copy of your articles of corporation. The “asset” or NFA weapon is transferred to the corporation / trust as just that, an asset. This asset may be possessed by any officer / trustee of the corporation, provided that member has no criminal history, that would prohibit him / her from possessing a firearm in general. These assets may be transferred to another corporation / trust, sold to another individual that meets the above requirements. Each officer / manager of the corporation, trustee of the trust (minors excluded) will be required to submit a form 5320.23. Something similar to a standard BATFE form 4473. The form that you execute when buying any standard handgun or long gun. This form requires the applicant to submit photographs and fingerprint cards as well. When the NFA weapon is approved for transfer to the corporation, the individual receiving the weapon will be required to undergo a “NICS” check, and thus a FBI background check will verify the legality of the reception of the asset to this individual. This background check will not be required if you are in possession of a vaild Concealed Handgun License. Any other board member, in physical possession of this asset, will also be subject to the Federal Laws prohibiting ownership of a weapon, NFA or not, by a felon. The penalty is quite severe. For more details, please contact us. Any such contact is quite confidential.