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With The Principal Objective Of Livelihood And Profit
Understanding 'With The Principal Objective Of Livelihood And Profit' in Legal Terms
Definition & Meaning
The phrase "with the principal objective of livelihood and profit" refers to the intent behind selling firearms primarily for financial gain. This means that the seller's main goal is to earn a living or make money, rather than to enhance or sell a personal collection of firearms. Understanding this definition is crucial, especially in the context of federal regulations governing firearm sales.
Table of content
Legal Use & context
This term is primarily used in the context of federal firearms regulations. It is relevant in criminal law, particularly concerning the illegal sale or distribution of firearms. Understanding this term can help individuals navigate legal requirements and ensure compliance when engaging in firearm transactions. Users may find it beneficial to utilize legal templates from US Legal Forms to assist with proper documentation and compliance.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A licensed firearms dealer regularly buys and sells guns with the goal of making a profit. This activity aligns with the definition of "with the principal objective of livelihood and profit."
Example 2: A person who sells their personal firearm collection to pay off debts is not acting with the principal objective of livelihood and profit, as their intent is not to operate a business.
Relevant laws & statutes
One of the key statutes defining this term is 18 USCS § 921 (22). This statute outlines the definition and implications of selling firearms with the intent of livelihood and profit, emphasizing the importance of intent in these transactions.
Comparison with related terms
Term
Definition
Differences
Commercial sale
Sale of goods or services for profit.
Focuses on the general sale for profit, not specifically firearms.
Personal collection
Items owned for personal enjoyment, not for sale.
Intent is to keep items rather than sell for profit.
Common misunderstandings
What to do if this term applies to you
If you are considering selling firearms and believe your intent aligns with "with the principal objective of livelihood and profit," it is essential to ensure compliance with federal and state laws. You may want to explore US Legal Forms for templates that can help you navigate the necessary legal documentation. If your situation is complex, consulting a legal professional is advisable.
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