Question regarding legality of investors

[Ddc2003 0]

First of all, I know that no advice here is legal advice, and I would have to talk to an attorney.

 

 

Lets just say that someone wanted to ooen a gun store. They solicit an investment from someone who cant legally open a gun store due to being in jail.

 

Can this person invest? Will the store be able to obtain an ffl? How would the store be able to use this investor, if at all possible?

 

Thanks guys!

[intercooler 41]

probably wouldn't help get the licenses....

[tj462nj 32]

they can be an investor, their name can not go on the license nor can they be in the store at any time.

[fslater 62]

"nor can they be in the store at any time"???      Really? A convicted felon or ex-con isn't allowed to go onto a premises that sells firearms ie Gander Mountain, Dicks, Cabela's, Sears? 

[pjd832 146]

"nor can they be in the store at any time"???      Really? A convicted felon or ex-con isn't allowed to go onto a premises that sells firearms ie Gander Mountain, Dicks, Cabela's, Sears? 

i would imagine there is a difference between walking through dicks as a customer ...guns inaccessible to customers without employee assistance and going into a gun shop where you are an investor/co-owner and theoretically "could" go/be behind the counter/back room/vault as well as easily be in "possession" of a firearm while there....but then again a felon walks into dicks etc(in america that is) and asks to see a gun... they will hand it to him without having to present "his papers" like in nj...  

[Guest]

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[Guest]

why would you want to partner up with a convicted felon in any business venture?

 

And if you really want a good investment, I have a toll bridge for sale...

[PD2K 115]

I'm no attorney, but I'm guessing that depends on the structure of the entity ie LLC/LLP, Inc, Corp, etc.

 

Same as anyone can be a shareholder (owner) in a publicly traded company that sells firearms.

[Howard 538]

I'm no attorney, but I'm guessing that depends on the structure of the entity ie LLC/LLP, Inc, Corp, etc.

 

Same as anyone can be a shareholder (owner) in a publicly traded company that sells firearms.

You beat me to the punch.  I would think it a non-issue if the company is set up as a C-corp or S-corp as the person can just be a shareholder and not involved with the business.  I am not sure if that would be the case for an Limited Liability Company (LLC).  The difference is you are not a shareholder of an LLC you are a member, and that may be different.  Bottom line, consult an Attorney.

[maintenanceguy 510]

My gut says that shareholder or limited partner is probably okay.  Otherwise there would have to be a background check to purchase Stock in Ruger Corp.  General partner, probably not okay.

[Carcano 14]

"nor can they be in the store at any time"???      Really? A convicted felon or ex-con isn't allowed to go onto a premises that sells firearms ie Gander Mountain, Dicks, Cabela's, Sears? 

 

It's fine.

 

A felon can enter a gun store and look all he/she wants, it only becomes illegal if they leave the store with one which wouldn't happen with NICS.

 

Parole might set conditions restricting you from entering a store that sells firearms/ammunition.

 

A felon could also finance a gun store no problem but the license could not be in his/her name but he could be listed on the company board just not directly involved with the firearms aspect of the business.

[Carcano 14]

BTW Jennings owner was charged with beating his wife and ATF allowed him to retain the FFL for almost a year before he had someone else obtain the FFL.