18 Va. Admin. Code § 130-30-140

Current through Register Vol. 41, No. 10, December 30, 2024

Section 18VAC130-30-140 - Change of business entity requires a new license

A. Licenses are issued to firms as defined in this chapter and are not transferable. Whenever the legal business entity holding the license is dissolved or altered to form a new business entity, the license becomes void and shall be returned to the board within 30 days of the change. Such changes include but are not limited to:

1. Cessation of the business or the voluntary termination of a sole proprietorship or general partnership;

2. Death of a sole proprietor;

3. Formation, reformation, or dissolution of a general partnership, limited partnership, corporation, limited liability company, association, or any other business entity recognized under the laws of the Commonwealth of Virginia; or

4. The suspension or termination of the corporation's existence by the State Corporation Commission.

B. When a new firm is formed, the new firm shall apply for a new license on a form provided by the board before engaging in any activity regulated by Chapter 20.2 (§ 54.1-2020 et seq.) of Title 54.1 of the Code of Virginia or the regulations of the board.

18 Va. Admin. Code § 130-30-140

Derived From Virginia Register Volume 31, Issue 07, eff. 2/1/2015.

Statutory Authority: § 54.1-201 of the Code of Virginia.