How to Own Class III Weapons
Corporate Transfers
In many instances, NFA weapons are transferred to corporations, as
corporate assets. There are several reasons for this. Potential
liability, lack of ability to obtain a signature, 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 as just that, an asset. This asset may be
possessed by any officer 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, sold
to another individual that meets the above requirements, depreciated,
etc.. A transfer to a corporation does not require the signature of a
local law enforcement entity, nor does it require fingerprint cards or
photographs from anyone sitting on the board of directors. A note of
caution here, to anyone trying to circumvent the background check. 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.
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