What to do first?

K

ka26

New member
I'm wanting to get my type 1 FFL to operate out of my home. I've already spoken with the city officials, police chief, & HOA & have gotten the green light from all of them. When I set this business up I'd like to set it up as a LLC in order to protect my personal assets in case I'm attached to a lawsuit because of a manufacterers defect, ect. The one thing I'm not sure about though is if I should submit my application for the FFL first or if I should set up the LLC first. I'm thinking that if I have a LLC set up it would help show that I'm not doing this to add to my collection but at the same time I am risking wasting $1,000+ (consulting CPA & filing fees for LLC) in the event that I'm denied the FFL.

Any thoughts?
 
If the FFL is to be issued in the name of an LLC, the LLC must be in existance when you submit the FFL application. So you have to do that step first. Issuance of an FFL is not discretionary. If you meet all of the requirements, it will be issued by the ATF.

I am a lawyer and can research, read and understand laws, rules, regulations, etc. However, when I decided to get my FFL, I used the services of FFL123.com. The information is invaluable. If your are even considering applying for an FFL, it should be worth the $40 it costs to learn all the ins and outs and what to expect. I'm not a paid shill; this is an honest recommendation based on my own experience.
 
Many years ago a friend of mine owned a gunshop. He did not go LLC he went as an S-Chapter Corporation. I understand it does the same thing as for protecting your personal assets. My friend passed about 10 years ago.
 
Am I the only one who wishes things weren't so dadgum complicated? I'm not talking strictly with guns, but with everything. Jeez..:mad::(

Good luck to ya as well.
 
Am I the only one who wishes things weren't so dadgum complicated?
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Considering how much we pay for it, we don't get get that much Government... If we paid less, we should get less, right?
 
It looks like I'll be forming the LLC first. Thanks for all the info & I agree, it is complicated.
 
he went as an S-Chapter Corporation
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Electing S-corp status is a matter of a tax decision. In the eyes of the Secretary of State in the state you are incorporating, there is no difference between a C-corp and and S-corp.
 
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