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gunsbrad
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business license
Dec 30th, 2005 at 9:14pm
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Hello all,

I am a school teacher by trade and have been building rifles and revolvers for several years now.  My wife does checkering and is very good.  We have decided to get an FFL and start an internet gunsmithing business, but are not sure how best to proceed from a business standpoint.

To all of you who run a business, how do you operate it (sole proprietor, partnership, corporation, LLC, etc)?  How do you deal with insurance, liability, or anything else I have forgot to mention?  I want to do my part and pay my taxes,  but I don't want to be taken. Any help would be greatly appreciated.

Thanks,

Brad Hurt
  
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hst
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Re: business license
Reply #1 - Dec 31st, 2005 at 3:00pm
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Brad:

I would be willing to discuss this with you. Please email me direct.

Glenn
  
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Cknerr
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Re: business license
Reply #2 - Jan 1st, 2006 at 2:12pm
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Opening a can of worms!

I am going through the same thing myself. I do some restoration and make custom gunstocks.

The biggest thing is a "corprate vail". Count on getting sued. Hopefully that will never happen, but don't be suprised in this day and age. I/we are now an "S" corporation. My business partner and I have the major stock holders as our wifes to get the "Minority Business owner" breaks. Not very nice, but this is business. 

It helps to show a short period of time as a running business. You can start out as a sole propriety owner, (careful of liability) and then file as a corporation later. THe tax breaks either way are really oustanding! 

Then there is the FFL, if you don't need to order a lot barrels and receivers, they are not nesaccary. It can be a lot of trouble to get one. The paperwork isn't so bad, getting the sherriff to sign of his notice was a pain... the rest is patiance. The ATF agent will stop by for an inspection and you will have to have your shop in order with all the books ready to go and the security measures in place. It is ok to operate in a very narrow capacity... MAKE SURE WHAT YOU ARE WORKING ON IS LEGAL! If you are working on someone else's rifle in your shop and they are not there, then you are probable in violation of the law and will be sighted for it when the DEA people show up for inspection... and no FFL after that.

Hmm, this is getting long winded so I better stop. Email me and we can compare notes if you like. I will warn you, I am chatty!

Good luck and take care,
Chris
  
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MerwinBray
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Re: business license
Reply #3 - Jan 3rd, 2006 at 5:02pm
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I am not in the gun business but ido own a corperation. The corp. I am a straight corp and wish I'd have gone the S route, I think. The corp helps protect you more than some other types of business. I deal with expensive gear that belongs to other people in some very secure areas and put things in the air above peoples heads where they could fall and GOd forbide seriously hurt someone, much the same way an improperly headspaced gun could. ( not making a comment on your abilities, just a statement) SO you can be darn sure that I have the insurance to cover such an event. That is one cost, but if you have employees outside of the shareholders be ready for workmans comp, that in VA is a pretty penny to carry and required for a certain number of employees.
Your situation will greatly dictate your decission. ALl in all, running a business can be very rewarding. I am rambling now. I would highly recommend finding a law firm that can set you up ( and possibly be your registered agent), call the chamber of commerece in your area or some other local business group that can recommend someone good and trustworthy. They will also be able to help you find an insurance agent. 
I will shut up now, and I an enviuos. Jon
  
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MerwinBray
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Re: business license
Reply #4 - Jan 3rd, 2006 at 5:07pm
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Quote:
I am not in the gun business but i do own a corperation.  I am a straight corp and wish I'd have gone the S route, I think. A corperation helps protect you, the individual more than some other types of business. I deal with expensive gear that belongs to other people in some very secure areas and put things in the air above peoples heads where they could fall and GOd forbid, seriously hurt someone, much the same way an improperly headspaced gun could. ( not making a comment on your abilities, just a statement) SO you can be darn sure that I have the insurance to cover such an event, most places I work won't even talk to me if I don't and require proof before preforming work. That is one cost, but if you have employees outside of the shareholders be ready for workmans comp, that, in VA, is a pretty penny to carry and required above a certain number of employees.
Your situation will greatly dictate your decission. All in all, running a business can be very rewarding. I am rambling now. I would highly recommend finding a law firm that can set you up ( and possibly be your registered agent), call the chamber of commerece in your area or some other local business group that can recommend someone good and trustworthy. They will also be able to help you find an insurance agent. 
I will shut up now, and I am enviuos. Jon

  
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