If you are interested in owning Title II (also called Class III) suppressors or weapons, an NFA Trust may be just what you are looking for.
What is an NFA Trust? An NFA Trust is another route you can take to own NFA (National Firearms Act) regulated weapons or suppressors. There are three ways to own these items.
The first is "individually." To own the NFA regulated item individually, you must be photographed, fingerprinted and have the Chief Law Enforcement Officer ("CLEO") of your county sign off on your form. What happens though if the CLEO refuses to sign off? The CLEO, as of now, cannot be forced to sign off, so you will not be able to own any NFA regulated items individually, and may refuse to sign off on your form even if they have no reason other than being anti-gun. Additionally, the CLEO may change and the new one may not be as NFA friendly as the last one. However, there are still others ways to own these items.
The second way is to allow a corporation to own them. If you already have a business entity, that entity can own the NFA regulated item, and the Officers of that company can use/possess them. If you do not have a corporation, you can still own the NFA regulated items in a NFA Trust.
The third way is to create an NFA Trust. An NFA Trust is another legal entity that can own NFA regulated items. The Trustees of the trust can own and/or possess the NFA regulated items in the trust, and importantly, an NFA Trust does not require you to be at the mercy of the CLEO.
We have drafted hundreds of NFA Trusts in Mississippi and would be happy to assist with yours. Even if you are not ready to pull the trigger on an NFA trust, and only have questions, please feel free to call or email and we will be happy to answer your questions.
* All of these methods require your payment of the NFA Tax Stamp ($200 currently for suppressors, short barreled rifles, short barrel shotguns and machine guns) and an application to and approval by the Bureau of Alcohol Tobacco Firearms and Explosives.