Current Home Based FFL looking to get class 3
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Old 05-14-2014, 02:46 PM   #1
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Default Current Home Based FFL looking to get class 3

So i have a home based FFL and sell around 20-30 guns per year. Mainly as a hobby but looking to get a little more serious with NFA items.

Is it true all i need to fill out is the 5630.7 and pay the $500 to be able to order NFA items?

Also, if i get the class 3 approval how would i go about transferring a silencer or other NFA item into my personal inventory? Would i have to fill out the paperwork as i was buying from a regular NFA dealer and wait a year or can i just dispose it into my personal inventory like i do for regular FFL guns i want to keep?

Sorry if this is normal stuff i am new to the NFA stuff

Thanks

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Old 05-14-2014, 03:12 PM   #2
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Good luck with that. I'm an FFL 07 and all my friends that are Class 3 dealers hate it. The only reason they do it is because their investors want them to. They're always complaining about how much of a pain in their ass it is. To transfer into your personal inventory is just like you were buying the NFA item from someone else. Fill out the paperwork, mail it in, and once you get your tax stamp from the BATFE you can remove the item from your business inventory into your personal inventory.

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Old 05-14-2014, 03:13 PM   #3
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Quote:
Originally Posted by beeftrash View Post
So i have a home based FFL and sell around 20-30 guns per year. Mainly as a hobby but looking to get a little more serious with NFA items.

Is it true all i need to fill out is the 5630.7 and pay the $500 to be able to order NFA items?

Also, if i get the class 3 approval how would i go about transferring a silencer or other NFA item into my personal inventory? Would i have to fill out the paperwork as i was buying from a regular NFA dealer and wait a year or can i just dispose it into my personal inventory like i do for regular FFL guns i want to keep?

Sorry if this is normal stuff i am new to the NFA stuff

Thanks
welcome to the forum! stop over in he Introductions Section when you get a chance and say hello to everyone.

best advice is to contact the BATF and get it straight from them.
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Old 05-14-2014, 04:19 PM   #4
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You may also want to consider getting an LLC established.

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Old 05-14-2014, 04:40 PM   #5
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One of the biggest complaints my buddy talks about is leaving your money hanging out for so long while waiting on the stamp to arrive. Rarely will anyone pay for it all up front while they have the stamp wait ,yet you the dealer have to pay for it up front .

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Old 05-14-2014, 04:47 PM   #6
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The money issue is a big deal. You have to pay the manufacturer up front for the NFA item. Then the customer comes in and pays you because they need the serial number on their paperwork to send to the BATFE. Now they've paid you and that NFA item has to sit in your inventory until their stamp comes in. That's a long time to have a lot of money sitting in your inventory.

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Old 05-15-2014, 12:08 PM   #7
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I understand the wait period for normal customers. But for myself? My company is an LLC. It is my dad and I. So pretty much we would have to wait like everyone else?

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Old 05-15-2014, 01:22 PM   #8
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Yes. You have to wait like everyone else.

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Old 05-16-2014, 12:48 AM   #9
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That "shall not be infringed" right sure has a lot of loopholes.



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Old 05-16-2014, 04:18 PM   #10
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The time frame to acquire and then sell a silencer is close to a year start to finish. The paperwork approval takes a lot of time.

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