Is there a decent source of information on becoming an FFL, What the ups and downs of this decision might be, things like that.
thanks

Any NRA magazine will provide you with an ad to order the forms needed to apply for your Federal Firearms License, normally for 5-10 bucks.

Up-side: you may purchase firearms direct from distributors at cheaper prices than retail.

Down-side: the paperwork involved in maintaining your records and if your dealing out of your house the BATF boys can visit ya whenever they like to check your records.

There are plenty other ups and downs this is just the short version and I'm sure others can provide you with more comments.

Mike

save your $5-10 and just go to www.atf.treas.gov to download the forms

One correction, your local chief law enforcement officer does not have to sign off on the FFL application.  You have to send him a copy of your application, but he does not need to sign it.

HTH

Tigerbay: thats for a C&R liscense, its different for "real" FFLs.

Kharn

No, Kharn - even for 'real' FFL's, you don't need the CLEO signature - you just have to notify them by sending them their copy.

Just went through this process so here's the deal.

Register your business with the Clerk of the Court.  This is a legal document recorded in the court, indicating type of business, location, name, etc.  Fee involved, however this is not your business license, you need to get you FFL before a County of City will issue you a business license.

Next, call your county or city zoning office and check to see if your property is zoned for the type of business you wish to run.  In the case of a home firearms business, make sure there are no zoning issues to prevent you from running a home business and what are the restrictions.  If you don't have the correct zoning, stop here, you will not be issued a license.  It was the first thing my inspector talked about when they did my premiss inspection, and yes he did check with the zoning office.  I had the zoning office write me a formal letter stating that there is no ordinance to prevent me from having a home firearms business.  I did not need this letter since the ATF inspector had check with the same office.

Next, Call the ATF National Licensing Center at 410-417-2750 and request a FFL license package.  It took about a week to get it to me.

Fill out forms and instructed, with pic's, fingerprints, and copy to CLE0.  Don't forget the fee, $200 for a type 01 FFL.

Next, wait.

You will be contacted by a ATF field inspector at about 60 days to arrange for a premiss inspection and interview.  Mine lasted 3 hours and we went over every form and rule from the "green book".  How to fill out you A&D bound book and generally your responsibilty under federal law.  At the conclusion the Inspector will indicate that the license is approved and you will get it in about 3 weeks.

You then have 30 days to comply with all state and local regulations.  Go to get your business license, another fee.  In my state I had to register with the State Police to get access to the Instant Background Check system.  Cost is $2 dollars per check, billed to you monthly.

I suggest you contact your states small business center for state tax and registration info.  I had to register with the state to collect sales tax for over the counter sales, due monthly by the way.

Also contact the IRS for fed tax information, since I also am an SOT, I had to get an EIN and now pay estimated tax's quarterly.

But wait there is more, now everyone will want firearms at below dealer price and think that you are ripping them off all the time, but remember that the customer is always right and you need to close early to visit you accountant anyway.

Good luck, and all those good deals that you think you where going to get, guess what, there not there.  You spend all your money on a safe, burglar alarm, office supplies, and an accountant, who by the way, will get almost all of your profits.  Sorry its not really that bad, but not that good either.

Good luck and e-mail me directly if you have any questions.