A Cook County Attorney Offering Succession Planning for the Firearms Industry
Kane and Du Page counties professionals worried about the future of their business need a capable lawyer
Entrepreneurial spirit made America great, and business owners who spent a lifetime building and running their own businesses have a natural desire to ensure operations continue after they are gone. But a company that deals in or retains firearms has a special set of regulations around it that muddies the waters of succession planning. The Law Offices of Kenneth L. Block can clarify your options and ensure the company you built endures. Attorney Block has more than 30 years of experience assisting the professional community in Kane, Du Page and Cook counties on issues related to commercial law, firearms regulation, retirement and succession planning. He assists clients with asset planning strategies in straightforward and efficient manner.
Do I need a federal firearms license in my name if the prior business owner already had one?
Yes. Federal law states “each person intending to engage in business as a firearms dealer, importer or manufacturer or an ammunition importer or manufacturer must obtain the required federal firearms license prior to commencing business.” A surviving spouse, child, receiver or trustee in bankruptcy cannot operate your business until that person has been awarded a federal firearms license, even with an Firearm Owner's Identification (FOID) card issued by Illinois. This means that a gunsmith, anyone who owns a gun dealer, training center or a licensed seller must coordinate financial and estate plans. Due to the process of getting multiple licenses, this can be complicated and time-consuming.
But the Law Offices of Kenneth L. Block can help. Kenneth L. Block has experience performing estate planning for gun owners and can advise you on the various options for transferring weapons under both your estate and business plan. With his aid, your business operations can proceed without interruption.
How will a gun trust help my business?
An Illinois gun trust is an effective means for a business to continue operations after its principal owner has died. An individual seeking to purchase or transfer Title II weapons, including automatic weapons and silencers and some short-barreled weapons, must be approved by the state of Illinois. The sale or transfer of such weapons also has tax implications and other time-consuming requirements. However, a gun trust does not have such requirements, as it is being held in trust for the use of another. A business is still capable of using those weapons even after its principal owner and licensee has passed away.
Contact the Law Offices of Kenneth L. Block for a free initial consultation
Firearms industry professionals in Cook County and the collar counties should contact the Law Offices of Kenneth L. Block at 312.600.4032 or online today to learn more about available succession planning options. The firm offers evening and weekend appointments and is conveniently located near Chicago O’Hare International Airport.