FFL License Personal Use
One of the greatest benefits of owning an FFL License is the possibility of buying firearms for personal use at a much cheaper cost. Nevertheless you must, as soon as you become a FFL dealer
, keep track of your personal firearms in the right manner.
Before you are approved your FFL license, you should revise you collection and determine if there are any items you would like to sell. After being a FFL licensed dealer you will have to write each item you consider selling in your Acquisitions & Dispositions (A&D) book. Clearly you mustn’t move your personal inventory in the FFL books, but it is a good practice method before you sell a private firearm after being a FFL dealer.
Once you are a FFL dealer and you wish to buy a firearm addition for your private collection, you will have to enter it in your A&D book
as soon as it reaches your FFL licensed location. After registering it you may mark the firearm out of the book by making a disposition to yourself, in this case a 4473
isn’t mandatory. Bear in mind keeping your private collection separate from the inventory you have on display. You can either store them in a different storing space or tagging them with a ”not for sale” label.
In case you decide at a later time, you don’t wish to keep the firearm in your private collection but wish to sell it, you’ll have to register it back into you’re A&D books and sell it through your FFL. Any item stored in your private collection for less than a year you’ll have to sell through your license. For the items that have been in your private collection for longer than 1 year, you are allowed to sell but must keep a record of the date of sale, with a note regarding the make, model, serial number and caliber of the firearm. You will also have to record the name, address and date of birth of the buyer who must be identifiable via ID or driver’s license, just in any common commercial sale. If you make the private sale to another FFL licensee, he will also have to be recorded. It is common for FFL owners to mainly sell through their FFL, whilst also doing a background check on the buyer in order to establish if he/she is eligible to own a weapon. The amount of paperwork in all situations is basically the same, so FFL dealers believe that having a background check done is all the better.
This process is solely applicable to singular owners of FFL licensees only. This implies that FFL holders who solicited the license as an individual and not a LLC, corporation, partnership etc. There are different regulations for LLCs and partnerships.