LLC and FFL questions

[glockman24]

does anyone know if u need to establish an llc before applying for ffl?
Also if u want to go into business with someone else does the llc cover them?
What about the ffl?
would it be a partnership or could u just hire them and pay them a salary?
What is the easiest way about doing this?

 

[mr ed]

1. partnerships never work out.
2. if you are going to deal class 3. Go with sole proprietorship so you can keep the
guns/cans when you close the business. partnerships/companies must liquidate inventory.
3. partnerships never work out.
4 you be the owner. if you need people to sell at a gunshow or something -pay them.

 

[338Shooter]

I wouldn't go with a sole proprietorship no matter what you wanted to do. A single member LLC or S Corp with one share holder sure.

 

[SD4]

I can't answer as to the FFL part, but an LLC would provide protection to all members under it much like a corporation would. It would also allow for pass-through taxation UNLIKE a corporation. It is the best of both worlds. If you set up a sole proprietorship, you would not be afforded this same protection. Oklahoma makes it fairly easy to set up an LLC for around $100 and provides many links and resources online.

 

[Super Dave]

I can't answer as to the FFL part, but an LLC would provide protection to all members under it much like a corporation would. It would also allow for pass-through taxation UNLIKE a corporation. It is the best of both worlds. If you set up a sole proprietorship, you would not be afforded this same protection. Oklahoma makes it fairly easy to set up an LLC for around $100 and provides many links and resources online.

This is off topic, but SD4, you have THE BEST avatar on here!

Recently I ran into an OCPD buddy that I hadn't seen for a long time. He told me that he and another OCPD buddy had had a title whatever it is manufacturing license, but he had grown tired of it. And sold his half to his buddy (same guy). They had been building machine guns, suppressors, and SBRs. He said one of the cool things was that after you give up your license, all the NFA stuff you want to transfer to yourself (less any post 86 machine guns) without having to pay the $200 per item. That got me to thinking... I do have a machine shop... I ran it by the wife... may be I need to do that. I need several SBRs and suppressors. My wife is so cool. Just not sure that I can afford the insurance,

 

[glockman24]

so if i get an llc it doesnt have to sole proprietor? what is the title than in not partnership or sole proprietor... and how do u go about hiring help if i go that route as an LLLC

 

[tyromeo55]

I wouldn't go with a sole proprietorship no matter what you wanted to do. A single member LLC or S Corp with one share holder sure.

Burn the above into your brain. It is solid advice

If your wanting the LLC to hold the FFL then yes you will need to set it up first AND have your location in order since the FFL is site specific.

Single member LLC's (and spouse) are handled like a sole proprietorship. When you are ready to hire an employee you just hire them like you would any other employee. Set out specific duties and compensation. if you want them to be able to handle NICS then I'd most definitely make them set up up their own

Good luck---