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FFL's Forum For open discussion between FFLs and polite questions for FFLs.

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  #1  
Old 06-28-2013, 5:50 PM
hakuna hakuna is offline
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Default New Dealer, Bound Book, Personal Firearms

Wow, I've read hours and hours on this forum. Thanks so much to all you FFL's for your help!

One question I have that I don't remember seeing is what to do with my personal firearms as a start my FFL business. What do I do in case I decide to sell one of them in a month or two. I understand I can put it in acquisitions out of my personal collection, but I was wondering about the 1 year in your possession rule? Are they all ok to sell because I didn't *acquire* them as an FFL?

Thanks,
Gary
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Old 06-29-2013, 12:39 PM
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Ebola1282 Ebola1282 is offline
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From what the agent told me when she came out for the interview, all firearms that you own dont have to be entered into your A&D book. When you want to sell them, they can be logged into your book and sold as a ppt. Any firearms that you purchase after you get your FFL go into the personal A&D and must be kept for or year before allowed to sell.
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Old 06-30-2013, 9:28 AM
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kemasa kemasa is offline
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You don't need to do anything in regards to your personal collection, as long as you keep them separate from your business firearms. If you keep them in the same safe (a bad idea), you need to mark which are for the business and which are not.

You can run the sale of your personal firearms through your business, but it is not required. If you don't, you may need to keep a log (see below). It does not hurt to keep a log in anycase.

The one year rule only applies to firearms transferred from your business to your personal collection where you did not fill out a 4473. If you fill out a 4473, then it does not apply. What it requires is that you run those firearms back through your business (which is a good idea anyhow).

There is no personal A&D, just D. The business A&D would show the firearm being transferred to the owner's personal collection. When a FFL (typically sole proprietor) sell a personal firearm, it needs to be logged. In some cases it needs to go through the business, in others it does not.

Please see 478.125a Personal firearms collection

http://www.ecfr.gov/cgi-bin/text-idx....8.1.7&idno=27
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Old 07-01-2013, 10:19 AM
hakuna hakuna is offline
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You guys rock. Thanks!

Gary
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