I now have my FFL and Sales Tax Permit, but was also considering obtaining an LLC (Company, not Corporation). I will be engaged in very limited retail sales and probably no gunsmithing at all. Since I am not repairing, or making anything, do I really need to go this route? Will the Manufacturer be more of a 'target' then I would be? Just wondering what any other FFL types, or Legal types, might have to say. Thanx ......
I would recommend it... it reduces personal liability...
Definitely get it. Thy are cheap, easy to do, and can save you some grief..
Yes I had a company that I did not LLC and got sued they put a lien on my home cause I had more than 20% equity and my lawyer told me they could make me sale it if they won. Which they did not thank The Lord! So def do an LLC, unless you want to tell your wife like I had to that we may lose the house. Not a good day! Now the house is in a trust to the kids, and the God-parents
If you were selling flowers, I would not worry about it. Firearm and the litigation prone society we now live in, I would worry about the risk way more. I personally would do the LLC.
Remember you have to treat it as such to keep the liability limited. You can just file it and open a checking account in the LLC and them just use it as a personal account. You need to treat it as the separate entity it is. You can pay the babysitter and the house water bill from the account.
And remember to renew it each year!!
Remember you have to treat it as such to keep the liability limited. You can just file it and open a checking account in the LLC and them just use it as a personal account. You need to treat it as the separate entity it is. You can pay the babysitter and the house water bill from the account.
And remember to renew it each year!!
In this overly-litigious society, I wouldn't be operating any retail business without running it through some sort form of corporation.
I started a small business 3 years ago. I got $1,000,000.00 policy that covered any damage or injures that might happen while I was working or on someones property, for a total payment of $600.00 for a one year policy.
If you are doing business out of your home and a customer falls off your front porch and is hurt. How much do you think he will sue you for?
If you are doing business out of your home and a customer falls off your front porch and is hurt. How much do you think he will sue you for?
I'll echo what others have said. The LLC is easy and cheap to obtain and there is absolutely no reason not to do it. You can do all of the legwork online. Feel free to PM me if you need some help walking though it.
LLC yes.
Non-LLC, no.
You've heard from the most prominent lawyer on the forum.
Just DO IT.
Non-LLC, no.
You've heard from the most prominent lawyer on the forum.
Just DO IT.
Similar threads
