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For what I`ve been lead to believe according to the BATF you need a manufacturing license to assemble ammo with the "intent" of selling it or gaining something of value for it. I expect the local tax board would also enjoy a few percent of the take for their back pocket too, and the zoning committee will have a say abut where you do it.
You can however offer a box of reloads you assembled for your own use to a friend as a "gift" and be totally legal. Liability however is always present, and not just from the "buddy". His wife or kids could feel depraved by injuries suffered and sue without him, so could his loving mother.
I would allow a friend to borrow my tools to reload under my supervision using his components any time they want. I won`t weight a charge or pull a lever on ammo not intended for my own guns though.
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I must confess, I was born at a very early age. --Groucho Marx
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