Just remember that the FFL is only part of the process. You'll need to register for city and parish and state sales tax and make your monthly reports (after a year you can move to quarterly reports with some of the taxes). And this is even if you have no sales. Might want to check with an accountant for the proper registration forms. And apply for a federal employer ID (even if you are the only employee).Then there's insurance to consider if you are engaging as a business. Those are some of the reasons I dropped my license after 25 years.
Just remember that the FFL is only part of the process. You'll need to register for city and parish and state sales tax and make your monthly reports (after a year you can move to quarterly reports with some of the taxes). And this is even if you have no sales. Might want to check with an accountant for the proper registration forms. And apply for a federal employer ID (even if you are the only employee).Then there's insurance to consider if you are engaging as a business. Those are some of the reasons I dropped my license after 25 years.
I’m curious, did you have your FFL as a hobby, or did you a have a business that you intended to make a profit with? And ultimately what would you say was the main reason you decided to let go of it ?
Thanks for all the info. This FFL is for a business that has an EIN and all LLC procedures followed.
I wouldn't link it to another business, especially if that is your main source of income. I know many FFL's that have multiple businesses registered to separate FFL from non FFL activities.
What would be the purpose of this ? I met with my CPA and attorney today and wasn’t advised anything like this but if you have experienced something I’d like to hear about it.
I have a few reasons, but most of them come back with you getting sued and losing the FFL and your bread winning business.
Say you sell a gun to someone who goes "Sandyhook" with it. Now the victims of the family want to sue you, if your FFL is tied to your other non FFL business they are coming after both of them.
Setting up another llc,corp or whatever is cheap, fast and easy.
I had a home FFl for about 9 years back in the 80's. Regulations were different back then. Foreign imports of all kinds were plentiful, police trade in's, lots of neat guns in Shotgun news. When Clinton was elected the license went from $30 for 3 years to $300 for three years, don't know what it is now. When the last renewal expired I packed up my records and sent them to the ATF. If you already have a business of some type in place you may be able to include an FFL as part of your business.. Either do it big or not at all.