1. 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. The firm must make written notification to the board within 30 days of the change. Such changes include:

   1. 1. Cessation of the business or the voluntary termination of a sole proprietorship or general partnership;
   2. 2. Death of a sole proprietor;
   3. 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; or
   4. 4. The suspension or termination of the corporation's existence by the State Corporation Commission.
2. B. When a new firm is formed, the new firm must obtain a new license 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.

Statutory Authority

§ 54.1-201 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 31, Issue 7, eff. February 1, 2015; amended, Virginia Register Volume 42, Issue 9, eff. January 14, 2026.