Colorado Gun and Magazine Collective


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IlikeSA
February 16, 2013, 08:33 AM
With the mag ban and the universal background checks passing, would this interest anyone.

Those who wish to be a part would pay one dollar to be a part owner of a limited liability corporation (LLC). The contract would state that the LLC now owns the firearms and firearm accessories, but the part owner would keep those he has in possession. If I wanted to trade a firearm with another owner, I could do so, as we all collectively own the firearms. If I wanted to trade the magazines, I could do so, as we all collectively own the firearms. If our children or grandchildren wanted to be a part owner, they could do so, with the contribution of a dollar. The dollar would go to maintaining the LLC, which, if I understand them correctly, has a fee for each year. There would also need to be a yearly meeting of the owners, a type of "board meeting."

The best part about an LLC is that while the owners are in Colorado, the LLC could be HQ-ed in the Cayman islands, or South Korea, or another country. Consequently, that is where the list of owners are located as well. There would be no firearm or accessory registration either, simply the contract stating that your firearms are now owned by the LLC, and that you are a part-owner and possessor of property.

Any thoughts on this idea?

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AlexanderA
February 16, 2013, 10:10 AM
By the same token, such a broad-based LLC could be created to hold title to NFA weapons. Then, possession of the NFA weapons could be swapped around among the members of the LLC -- "authorized users" -- with no "transfer" taking place. This would make a mockery of the NFA.

Somehow, I doubt that the courts would uphold such an obvious sham.

IlikeSA
February 16, 2013, 11:00 AM
What would the courts do though? Subpoena the members, with the list in a foreign country? Who would be subpoenaed? The way the Colorado law is written, it is on the prosecution to prove the wrongdoing. It is rather difficult to do that with the LLC out of the country.

BTR
February 16, 2013, 11:16 AM
Individuals putting their guns / mags in a trust would probably have the same result... when selling the property, they could merely change the names on the trust, making them transferrable in perpetuity... maybe?

IlikeSA
February 16, 2013, 12:11 PM
Yes, but the LLC would be cheaper and broader, allowing there to be no exchange of a trust. Since everyone is a co-owner, you can legally exchange mutually owned firearms and magazines as you see fit.

MagnumWill
February 16, 2013, 12:49 PM
Heh. You've got a dollar in my wallet with your name on it.

Just think- then we can all talk to each other sort of Craigslist-style and trade magazines for different guns :)

Landric
February 18, 2013, 10:49 AM
I'm planning on doing exactly this on a family level. Setting up an LLC in Missouri is easy and inexpensive. Since I won't be doing any business under the LLC there are not a whole lot of paperwork requirements. I'll transfer the ownership of all my NFA stuff, magazines, etc. over time to the corp. Then when my kids are of age, they will be added as board members.

In the event of a future ban that prohibits transfer of anything it should be good to go since the corporation will be the owner and not the various board members. The corporation can exist in perpetuity, so my kids could do the same thing with their kids, and so on.

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