A license runs for a three year period unless terminated sooner, and it entitles the holder to engage in the business or activity specified on the license within the limits of the Act and this part. Two words in that sentence do the constraining. Specified means the license authorizes what it names and not the adjacent activity a licensee might reasonably think it covers. And sooner acknowledges that the three years is a ceiling rather than a guarantee — revocation and suspension, which Chapter 4 takes up, cut it short.

The location rule is stated the same way and then immediately qualified. The license covers the class of business or activity specified in it, at the address specified in it, and a separate license must be obtained for each location where a licensed business or activity is conducted. Chapter 1 flagged that rule and the carve-out attached to it; this is the carve-out. No separate license is needed for a warehouse used solely to store firearms or ammunition, provided the required records are kept at the licensed premises the warehouse serves, or the warehouse is used to store records as § 478.129 provides. A licensed collector may acquire curios and relics at any location, and dispose of them to any licensee or to other persons resident in the State where the collector’s license is held and the disposition is made. A licensee may conduct business at a gun show under § 478.100 — which is why the gun show table raised in Chapter 1 is not a second licensed premises.

One more limit sits behind all of this and surprises people at exactly the wrong moment: licenses are not transferable. If the operations authorized by a license are leased, sold, or otherwise transferred, the successor must obtain their own license before commencing those operations — the license does not convey with the business any more than a driver’s license conveys with a car. The single qualification is the right of succession in § 478.56, which Chapter 3 covers, and it is narrower than the word succession suggests.