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What is the process to properly shut down an FFL /SOT?


michaelkih
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My business partner has had some personal family issues and a divorce come up and he just can not commit to the business anymore, so we are looking to shut down our FFL. No hard feelings as I can totally understand his situation. It was fun being a dealer for 6 years and we made some great money, but I dont want to continue it if we both cant continue to put the time into it that we need to. We are a business partnership and paid for it to be a partnership for life, so we may start it up again in a couple years? Who knows. For now its be best to shut it down so he can take care of what he needs to, and we can go from there in a couple years.

 

How does it work?

 

We have nothing currently transferring to us or out from us. We do have many demo suppressors in our inventory, 7 pre samples, and 3 post samples (Glock, P90, RPD). I know we can keep the pre samples and suppressors in our partnership as long as the partnership exists correct? We do need to sell the post samples as no law letter post samples before we shut down though correct?

 

I did look at the ATF site, and it seems to go like this. Correct me if I am wrong.

 

1. Let ATF know we are shutting down our business

2. Sell post samples. Transfer on form 3s with accompanying letter from us saying we are shutting down.

3. Once the post samples are sold, take our inventory books and all of our very neatly organized 4473s to the local ATF office and tell them the business is now closed.

4. Thats it?

 

Anything I am missing? Seems too easy. Any additional meetings needed?

 

Thanks for any help.

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