Current Home Based FFL looking to get class 3

Discussion in 'NFA/Class 3 & FFL Discussion' started by beeftrash, May 14, 2014.

  1. beeftrash

    beeftrash New Member

    2
    0
    0
    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
     
  2. Argyle_Armoring

    Argyle_Armoring New Member

    891
    0
    0
    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.
     

  3. Axxe55

    Axxe55 The Apocalypse Is Coming.....

    7
    2
    0
    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.
     
  4. danf_fl

    danf_fl Retired Supporter

    12,361
    34
    48
    You may also want to consider getting an LLC established.
     
  5. purehavoc

    purehavoc New Member

    4,799
    2
    0
    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 .
     
  6. Argyle_Armoring

    Argyle_Armoring New Member

    891
    0
    0
    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.
     
  7. beeftrash

    beeftrash New Member

    2
    0
    0
    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?
     
  8. Argyle_Armoring

    Argyle_Armoring New Member

    891
    0
    0
    Yes. You have to wait like everyone else.
     
  9. MisterMcCool

    MisterMcCool Well-Known Member Supporter

    12,826
    145
    63
    That "shall not be infringed" right sure has a lot of loopholes.



    Sent from my iPad using Firearms Talk
     
  10. pomfirearms

    pomfirearms New Member

    27
    0
    0
    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.
     
  11. clr8ter

    clr8ter New Member

    4,015
    0
    0
    OP, you describe it as a simple thing. I seriously doubt it is simple. Can't be, when dealing with the ATF....
     
  12. LibertySuppressors

    LibertySuppressors New Member

    12
    0
    0
    Just so you guys know... At Liberty we require 25% deposit at the time of order and the remaining balance at the time of shipment.

    Tim @ Liberty
     
  13. clr8ter

    clr8ter New Member

    4,015
    0
    0
    Personally, if it were me, I'd insist on full payment at some point. Is there a spot where you know you're getting approved, and it's just a waiting game? If so, then. If not, it'd be when I turned in your paperwork. From a buyer's POV, I wouldn't have any issue paying for it, with an assurance that if something DID go wrong, and I didn't get the stamp, I'd get my money back.
     
  14. Olympus

    Olympus New Member

    2,294
    0
    0
    For me it wasn't a big deal to just pay in full for my 22 suppressor at the time I submitted my form, but those aren't nearly as expensive as centerfire cans.
     
  15. ajb

    ajb New Member

    26
    0
    0
    The 2 cans that I have bought both required payment in full. I don't have a problem with that.
     
  16. roughneck266

    roughneck266 Lifetime Supporting Member Lifetime Supporter

    116
    0
    0
    I require payment in full, in advance. I didnt at one time, but there were too many people who changed their minds. If you get the money up front and require a restocking fee or something like that, they generally get their stuff straight from the start.
    As far as transferring from the business, most of my suppressors belong to my business. THe vast majority of them are demos, so I use them for that, and I use them for my own purposes as well.