58.1-2248 - Notice of discontinuance, sale or transfer of business. - Virginia Statutes

§ 58.1-2248. Notice of discontinuance, sale or transfer of business.

A. A licensee who discontinues in the Commonwealth the business for which thelicense was issued shall notify the Commissioner in writing of suchdiscontinuance and shall surrender the license to the Commissioner. Thenotice shall state the effective date of the discontinuance and, if thelicense holder has transferred the business or otherwise relinquished controlto another person by sale or otherwise, the date of the sale or transfer andthe name and address of the person to whom the business is transferred orrelinquished. The notice shall also include any other information required bythe Commissioner.

B. All taxes for which the license holder is liable under this article butare not yet due shall be due on the date of the discontinuance. If thelicense holder has transferred the business to another person and does notgive the notice required by this section, the person to whom the business wastransferred shall be liable for the amount of any tax owed by the licenseholder to the Commonwealth on the date the business was transferred. Theliability of the person to whom the business was transferred shall not exceedthe value of the property acquired from the license holder.

(2000, cc. 729, 758.)