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 23.3 (§ 54.1-2345 et seq.) of Title 54.1 of the Code of Virginia or the regulations of the board.
Statutory Authority
§ 54.1-2349 of the Code of Virginia.
Historical Notes
Derived from Virginia Register Volume 26, Issue 11, eff. April 1, 2010.