Oren wrote:

He can / could own Class III without this "trust", but my
understanding is the background checks take much longer than say
buying a pistol or rifle.


An individual buying a Class III has to jump through a LOT of hoops,
including a sign-off by the local chief law enforcement officer.

I didn't know about trusts (thank you), but a corporation buying a
Class III is almost trivial: no background check, no fingerprints,
no photo, no vetting by the local LEO's office, etc.

I'm not sure whether a Subchapter S corp will work - my corporation
is an "C" corp, so the issue never comes up. Still have to pay the
transfer tax, though.


Here is the local story from yesterday.

http://www.lvrj.com/news/gun-store-o...190283551.html

Here's a bit on NFA weapons and corporations:
"NFA items may also be transferred to corporations (or other legal entities
such as a trust). When the paperwork to request transfer of an NFA item is
initiated by an officer of a corporation, a signature from local law
enforcement is not required, and fingerprint cards and photographs do not
need to be submitted with the transfer request. Therefore, an individual who
lives in a location where the chief law enforcement officer will not sign a
transfer form can still own an NFA item if he or she owns a corporation.
This method has downsides, since it is the corporation (and not the
principal) that owns the firearm. Thus, if the corporation ever dissolves,
it must transfer its NFA firearms to the owners. This event would be
considered a new transfer and would be subject to a new transfer tax."
http://en.wikipedia.org/wiki/National_Firearms_Act