How to Own Class III Weapons
Effective 1-1-2013, We no longer transfer directly to individuals, corporations, or family trust, unless you have an active Texas Concealed Handgun License. We are happy to assist you in locating a qualified dealer in your area to receive your weapon, if you do not. In addition, we offer free of charge assistance to your dealer, guidance in the proper execution of the federal paperwork required to transfer the weapon to you.
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.