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Posted: 11/24/2020 10:40:03 PM EDT
[#1]
I do.
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Posted: 11/24/2020 11:23:45 PM EDT
[#2]
Quoted: Gonna apply for my FFL after fist of year. I was going to get my LLC first. Does everyone do an LLC these days? Running it under an LLC protects your personal assets just like a Corporation does IF you run it correctly, but it's much cheaper to setup and operate. That's why you see so many LLC's. |
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Posted: 11/25/2020 1:37:52 PM EDT
[#3]
Quote HistoryQuoted: Running it under an LLC protects your personal assets just like a Corporation does IF you run it correctly, but it's much cheaper to setup and operate. That's why you see so many LLC's. Very little protection if you are a single or partnered LLC. A SP is by far cheaper to to setup and operate, since it does not require setup, or yearly fees like some states require. With that said, an LLC is still a good way to run a company of any kind. But dont think your personal assets are somehow immune. The best solution is always insurance. This will be real important if Dems repeals PLCAA. |
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Posted: 11/25/2020 3:04:22 PM EDT
[#4]
Quote HistoryQuoted: Running it under an LLC protects your personal assets just like a Corporation does IF you run it correctly, but it's much cheaper to setup and operate. That's why you see so many LLC's. That's a huge IF.  Anyone considering an LLC or corporation needs to read this and discuss with their attorney: Piercing the Corporate Veil: When LLCs and Corporations May be at Risk |
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Posted: 11/25/2020 5:50:38 PM EDT
[#5]
Quote HistoryQuoted: That's a huge IF. Anyone considering an LLC or corporation needs to read this and discuss with their attorney: Piercing the Corporate Veil: When LLCs and Corporations May be at Risk Agreed, that is a big if. The ownership better know what they are doing with setup and operation or it won't protect them from anything in court. That article you linked is a good start to the 'What not to do' list. Even if you do everything by the book, it's just additional protection and not a guarantee. In the end it all comes down to which Judge you draw and the lawyers on the case whether you did enough to keep them from sticking it to you. It all comes back to the one thing most very small businesses do not want to hear. Be honest with yourself about what you and the rest of the ownership don't know and spend the money to get help from experts where you are weak. |
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Posted: 11/25/2020 8:51:35 PM EDT
[#6]
If you're a gunsmith and organized as a single-member LLC, aren't you at just as much risk for personal liability as a Sole P would be? (This is assuming you perform all the labor yourself with no employees.)
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Posted: 11/26/2020 1:43:30 PM EDT
[#7]
We have an LLC with husband and wife both members, 07 FFL/SOT. That way if something were to happen to one of us the other could continue to operate the business and shut it down cleanly if needed. Things can get messy with a sole proprietor FFL who has NFA transfers in process, and an estate executor who is clueless about firearms laws.
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Posted: 11/29/2020 12:04:56 PM EDT
[#8]
An LLC it is then thanks guys !
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Posted: 11/29/2020 12:13:16 PM EDT
[#9]
My FFL is under an LLC as well
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Posted: 11/29/2020 1:59:45 PM EDT
[#10]
My FFL is under an LLC as well
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Posted: 12/3/2020 1:23:23 PM EDT
[#11]
There are tax implications to consider as well. I'm sure @renegadex can expound on operating as an LLC and tax filing as an S-Corp. vs. sole prop.
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Posted: 12/9/2020 12:08:40 AM EDT
[#12]
I incorporated my business for my FFL instead of going LLC.
My is for different reasons than most. My wife and I own an accounting firm and the business my FFL is under is the one I use to teach CCW, CPR, Stop The Bleed, and such. For tax reasons the inc made more sense as both of our companies are run under a third company and that company is the only one that makes any "profit". It helps for tax purposes but isn't something most FFL's would need. |
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