§ 105-449.135. Issuance of license; notification of changes. - North Carolina Statutes

§105‑449.135.  Issuance of license; notification of changes.

(a)        Issuance. – TheSecretary must issue a license to each applicant whose application is approved.A license is not transferable and remains in effect until surrendered orcancelled.

(b)        Notice. – A licenseholder that stops engaging in this State in the business for which the licensewas issued must give the Secretary written notice of the change and mustsurrender the license. The notice must give the date the change takes effectand, if the license holder has transferred the business to another by sale orotherwise, the date of the transfer and the name and address of the person towhom the business is transferred.

All taxes for which thelicense holder is liable under this Article but are not yet due become due onthe date of the change. If the license holder transfers the business to anotherand does not give the notice required by this section, the person to whom thebusiness was transferred is liable for the amount of any tax the license holderowed the State on the date the business was transferred. The liability of theperson to whom the business is transferred is limited to the value of theproperty acquired from the license holder. (1995, c. 390, s. 3.)