Ppt process

[smoothang21]

Hello had a question on a ppt would like to know what is the correct process for doing a ppt when both parties are not present at same time. Paperwork and who accepts payment

[LeadFarmer74]

I believe both parties have to be present since it's a face to face transaction.

[ASD1]

a PPT both seller and buyer are there at the same time. "You" have nothing to do with the sale and or the money other than the $35 PPT fee you collect.

If you have anything to do with facilitating a PPT you must collect sales TAX (other then just doing the paperwork).


any other sale is a "DEALER" sale

[smoothang21]

a PPT both seller and buyer are there at the same time. "You" have nothing to do with the sale and or the money other than the $35 PPT fee you collect.

If you have anything to do with facilitating a PPT you must collect sales TAX (other then just doing the paperwork).


any other sale is a "DEALER" sale

Well the situation I have is a customer and buyer agreed on a sale price already but the seller can't meet the same time as the buyer so the seller wanted to know if they can fill out paperwork to leave it and have buyer come later to complete the paperwork and the cash for me to hold for seller later date.

[ASD1]

It's been said before "YOU" really need to have someone come help you out and show you the ropes before you get YOURSELF in trouble

A Lot of the questions you are asking someone that has worked in a "gun store" for a week or two should know.

I am very concerned for you as I wonder what other thing you are doing wrong with no guidance or hands on experience to pull from.

Just remember that the ATF and DOJ are on CG reading all the time. An post like this have got to make them go

[alfred1222]

Well the situation I have is a customer and buyer agreed on a sale price already but the seller can't meet the same time as the buyer so the seller wanted to know if they can fill out paperwork to leave it and have buyer come later to complete the paperwork and the cash for me to hold for seller later date.

Absolutely not. That is WAY to much liability. Come on man, the rules and processes were established for a reason

[smoothang21]

Absolutely not. That is WAY to much liability. Come on man, the rules and processes were established for a reason

Reason why I was asking was because before thread baboosh and couple other dealers told me that a ppt both customers don't have to be present now I'm not sure if I'm missing some information or being misinformed

[smoothang21]

It's been said before "YOU" really need to have someone come help you out and show you the ropes before you get YOURSELF in trouble

A Lot of the questions you are asking someone that has worked in a "gun store" for a week or two should know.

I am very concerned for you as I wonder what other thing you are doing wrong with no guidance or hands on experience to pull from.

Just remember that the ATF and DOJ are on CG reading all the time. An post like this have got to make them go

Well have you read a lot of these posts because it seems like I'm not the only one when someone posts a question I rarely see a post where everyone agrees on an answer there at least 4 different answers and all dealers and when that happens of course someone will be confused on situations.

[ASD1]

Well have you read a lot of these posts because it seems like I'm not the only one when someone posts a question I rarely see a post where everyone agrees on an answer there at least 4 different answers and all dealers and when that happens of course someone will be confused on situations.

Understood but some of your questions are far too basic.

You can not Become a successful FFL by just reading and asking question on CG. You need to learn from someone in person

[smoothang21]

Understood but some of your questions are far too basic.

You can not Become a successful FFL by just reading and asking question on CG. You need to learn from someone in person

Oh ya I totally agree but you can only see and and ask so many questions but when a different situation comes up that you haven't experienced then it's a little difficult and the reason I asked this question was because baboosh told me that both parties don't have to be present now I'm not sure if I was misinformed or misunderstood information and that's why I was clarifying. Now the questions I ask have gotten way less common then when I first started doing this

[CSACANNONEER]

OK, While I agree with baboosh that there is no legal requirement for both parties to be present at the same time, I believe there is a legal way to do it that most FFLs will agree is fine. Have the seller put the gun on consignment and then, have the buyer pay you for the gun. You will have to collect sales tax and can charge anything you want for the consignment fee. If you want to charge the seller nothing for a consignment fee, that would be legal. However, I suggest charging $1 just to make it look better. In fact, I believe that if it is a consignment sale, the DROS fees are only $25, so, you might as well charge a $10 consignment fee just to get something out of the transaction. I am not positive but, I think that you would need to hold the gun for 30 days prior to the transfer starting and have to a second hand dealer license if you want to go the consignment route.

[ASD1]

OK, While I agree with baboosh that there is no legal requirement for both parties to be present at the same time, I believe there is a legal way to do it that most FFLs will agree is fine. Have the seller put the gun on consignment and then, have the buyer pay you for the gun. You will have to collect sales tax and can charge anything you want for the consignment fee. If you want to charge the seller nothing for a consignment fee, that would be legal. However, I suggest charging $1 just to make it look better. In fact, I believe that if it is a consignment sale, the DROS fees are only $25, so, you might as well charge a $10 consignment fee just to get something out of the transaction. I am not positive but, I think that you would need to hold the gun for 30 days prior to the transfer starting and have to a second hand dealer license if you want to go the consignment route.

yes hold it for 30 have a second hand lic and also charge sales TAX

[Condorguns]

a PPT both seller and buyer are there at the same time. "You" have nothing to do with the sale and or the money other than the $35 PPT fee you collect.

If you have anything to do with facilitating a PPT you must collect sales TAX (other then just doing the paperwork).


any other sale is a "DEALER" sale

Smoothang21 read this ^^^

Now read it again.

Repeat until the difference between a PTT and a dealer sale cements into your head.

It's important.

[smoothang21]

Smoothang21 read this ^^^

Now read it again.

Repeat until the difference between a PTT and a dealer sale cements into your head.

It's important.

You don't understand what I'm saying I know difference between ppt and dealer. My question was about both parties not there same time. Because baboosh is the one that asked me the question of if I know difference between ppt and dealer sale I told him ya ppt both parties have to be there at same time he said incorrect they could be there seperatly at same location and that's as far as I went with that so I just wanted to follow up and clarify on whst he meant and how that was possible

[CSACANNONEER]

I need to clarify that I am not a FFL holder. However, I have worked for a couple and am friends with many more. That said, I have yet to see any legal requirement for both parties to be in the shop at the same time. Many shops either know there is one, believe there is one or just have a store policy against PPTs without both parties being present at the same time. It makes things easier for the FFL if both parties are present at the same time and if I had a FFL, I would make this my policy. Of course, very good customers might be able to talk me into breaking that policy from time to time. But, I do see the risks involved in doing so.

If you choose to try a PPT with both parties being present at different times, when, where and how the seller is paid is of no concern to you. That's between them. All you are doing is the actual PPT transfer. The buyer and seller are both adults and can figure out how to transfer funds without you or your shop being involved in any way. It's funny how a buyer might not want to pay the seller the day before the transfer. The same buyer would have no problem sending funds across the country to a private seller on Gunbroker.