One often cited argument for greater restrictions on firearms ownership is the registration and operator licensing of motor vehicles. Many will conclude that since we can do it for cars, we can do it for guns.
First let's talk about a driver's license. A driver's license permits a person to operate certain motor vehicles on public roads.
A person who does not drive on public roads requires no license. Many vehicles are not permitted on public roads and therefore require no license to operate. Other vehicles (such as bicycles) are allowed but still require no license. A license is not required to drive on private property. No license is required to own any motor vehicle, just to operate certain vehicles under certain conditions.
Applying this criteria to guns, we can conclude that no license would be required to own a firearm, or operate one on private property.
Licenses could be issued to operate a firearm in public, but might only be required for certain types of firearms. Other firearms might not be allowed to be operated in public at all.
BB and pellet guns pose little danger so like bicycles and roller skates, should require no license to shoot in public. Anything using powder would need a license to fire in public. Laws would of course be in place to ensure safe shooting in public (wear safety equipment, signal your intentions, right of way, etc)
Other weapons that are unsafe to operate in public should also have no license. Since minibikes aren't street legal, one shouldn't fire a full auto Uzi in a shopping center (way to dangerous). Exceptions are of course made. Streets are sometimes blocked off for parades or road construction, thereby allowing typically unauthorized vehicles to operate.
It should also be noted, that a person may be in possession of a vehicle in public, without any license required. They can even have the means to operate said vehicle (i.e. the keys) and fuel. They only stipulation is that they aren't permitted to drive it there. Compared to firearms, this would mean anyone can carry a loaded gun ready to fire, and they would only break the law if they pulled the trigger without a license (other crimes not withstanding). Driving without a license is a relatively minor offense and is generally excusable in an emergency (escaping a flood, or seeking urgent medical care for example). Comparatively, shooting a person is against the law, but self defense is a valid legal justification.
Registration again is only for certain vehicles that are to be used on public roads. To drive on private property, or just to own a vehicle requires no registration. Skateboards and go carts need no registration. So why register firearms that aren't going to be fired in public except in emergencies?