§ 58.1-2248. Notice of discontinuance, sale or transfer of business
A. A licensee who discontinues in the Commonwealth the business for which the license was issued shall notify the Commissioner in writing of such discontinuance and shall surrender the license to the Commissioner. The notice shall state the effective date of the discontinuance and, if the license holder has transferred the business or otherwise relinquished control to another person by sale or otherwise, the date of the sale or transfer and the name and address of the person to whom the business is transferred or relinquished. The notice shall also include any other information required by the Commissioner.
B. All taxes for which the license holder is liable under this article but are not yet due shall be due on the date of the discontinuance. If the license holder has transferred the business to another person and does not give the notice required by this section, the person to whom the business was transferred shall be liable for the amount of any tax owed by the license holder to the Commonwealth on the date the business was transferred. The liability of the person to whom the business was transferred shall not exceed the value of the property acquired from the license holder.
(2000, cc. 729, 758.)Sections: Previous 58.1-2241 58.1-2242 58.1-2243 58.1-2244 58.1-2245 58.1-2246 58.1-2247 58.1-2248 58.1-2249 58.1-2250 58.1-2251 58.1-2252 58.1-2253 58.1-2254 58.1-2255 Next
Last modified: April 3, 2009