CODE OF VIRGINIA

NOTICE OF DISCONTINUANCE, SALE OR TRANSFER OF BUSINESS (§ 58.1-2248)

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.

HISTORY: 2000, cc. 729, 758.