I've been a FFL-03 collector for many years now. I once had a FFL-03 C&R License that named my Trust as the Licensee.
To make a long story short, I got a house call from the ATF stating that the Trust C&R License was issued mistakenly and asked
if I would hand the license over to them. I informed them that I also had another personal C&R license... so forfeiting the C&R license was not a big deal to me.
While they were there, they did a inspection of the all the NFA firearms that I had / what they expected me to have. Everything was kosher as I expected.
I felt a little uneasy about a recent Form 4 NFA transfer I had made with the forfeited license and decided to have it transferred to my personal C&R license for piece of mind. I lived in Maryland at the time, dealing with the Maryland State Police for the CLEO sign off was frustrating at best.