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FFL Where To Find Regulations and is it worth it

groundhog devastationgroundhog devastation Member Posts: 4,495
edited July 2002 in General Discussion
Wondering where to find all the regulations concerning obtaining FFL and whether or not it would be worth the hassle and trouble. Tour inputs would be appreciated! GHD
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Comments

  • duckhunterduckhunter Member Posts: 7,687 ✭✭✭
    edited November -1
    CALL YOUR LOCAL OFFICE "BATF" THEY WILL SEND YOU ALL THE INFO. GOOD LUCK

    I WOULD RATHER BE DUCK HUNTING.
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  • duckhunterduckhunter Member Posts: 7,687 ✭✭✭
    edited November -1
    CALL YOUR LOCAL OFFICE "BATF" THEY WILL SEND YOU ALL THE INFO. GOOD LUCK

    I WOULD RATHER BE DUCK HUNTING.
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  • nunnnunn Forums Admins, Member, Moderator Posts: 36,085 ******
    edited November -1
    Where are you going to have your business?

    If in your home, are there any zoning laws or deed restrictions regulating in-home businesses?

    Are you willing to post and maintain regular hours?

    Are you willing to be subject to search and audit anytime?

    Are you willing to keep meticulous records of everything you buy and sell?

    Are you willing to make the business make a profit and pay the appropriate income taxes?

    Are you willing to get a state and local tax permit, and collect and pay those taxes?

    Are you willing to register your business with the local taxing authority and pay property tax on it each year?

    If there are any "no" answers, you don't want or can't get a FFL.

    The days of getting a license just so you can order guns for yourself and your friends at a discount are over. That is why I first got my FFL back in 1975 or so, but have long since found that I have to actually run a business, show a profit 3 out of 5 tax years, maintain a business premises separate from my home, collect sales tax, and so on.

    It is a pain to have a FFL, and if you are not making decent money from it, it just isn't worth it.

    There is a Type 02 license available for collectors of Curios and Relics. You can order lots of older stuff and have it sent to your home with a C & R license.



    SIG pistol armorer/FFL Dealer/Full time Peace Officer, Moderator of General Discussion Board on Gunbroker. Visit www.gunbroker.com, the best gun auction site on the Net! Email davidnunn@texoma.net
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  • mudgemudge Member Posts: 4,225 ✭✭
    edited November -1
    Mega-dittos to Mr. Nunn.

    Mudge the succinct

    I can't come to work today. The voices said, STAY HOME AND CLEAN THE GUNS!
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  • agloreaglore Member Posts: 6,012
    edited November -1
    Nothing in IRS or BATF regs say you have to make a profit to be in business. The IRS will consider you as not being a true business if you don't make a profit in so many years, but if all you do is claim any income from your FFL aas Other Income and not try to itemize all expenses, you are still a business.

    AlleninAlaska aglore@gci.net

    Free men are not equal and equal men are not free
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  • will270winwill270win Member Posts: 4,845
    edited November -1
    I never wanted one for more than a minute because of what Nunn said.


    ~Secret Select Society Of Suave Stylish Smoking Jackets~
    Will270win@nraonline.com
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  • 22WRF22WRF Member Posts: 3,385
    edited November -1
    It's all right here

    http://www.atf.treas.gov/firearms/nlc/index.htm

    I Refuse to be a VictimGrumpy old man

    Life, Liberty, and Pursuit of All Those that Threaten it
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  • offerorofferor Member Posts: 8,625 ✭✭
    edited November -1
    The last time I had an FFL was when the BATF started putting the screws to the non-stocking dealers. They even notified the State of Indiana, so I was required to pay "use tax" on every gun purchased for my personal collection rather than for re-sale. Luckily, I didn't use the license much so I didn't have much use tax to pay.

    I like the idea of declaring the whole thing under "other income." This might make it possible for a person to have an FFL strictly for doing transfers -- between private citizens either locally or on places like Gunbroker. I still think the stocking dealers don't want to mess with the internet sales, as a general thing.

    - Life NRA Member
    "If cowardly & dishonorable men shoot unarmed men with army guns, the evil must be prevented by the penitentiary...and not by general deprivation of constitutional privilege." - Arkansas Supreme Court, 1878

    Edited by - offeror on 07/04/2002 13:20:20
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  • 25-0625-06 Member Posts: 382 ✭✭
    edited November -1
    Mr. Nunn just about said it all. I have had a license since 1974 when some of my friends convinced me to get one. In that time they have probably spent less than $1000.00 with me. They want the stuff for your cost, you are not suppossed to make a profit in the gun business. There are too many things against trying to have a profitable (able to make a living) gun shop. Mail order houses,Wal-Mart, etc. Until the sporting goods industry decides to change their marketing practices, and return to the old method of franchised dealers, I see no hope for the small dealer, especially in rural areas. You can buy everything but guns for the same price as an FFL dealer. And there are plenty of FFL's who will order you a gun for 10% over cost. I would not get one if I had it to do over.
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