A licensee who stops, sells, or transfers a business must give the secretary written notice at least 30 days in advance and surrender the license.
§818.43. Notice of discontinuance, sale, or transfer of business A. Prior to discontinuing any business issued a license authorized by this Subpart, the licensee shall notify the secretary in writing at least thirty days prior to the time the discontinuance, sale, or transfer takes effect and shall surrender the license to the secretary. The notice shall state the effective date of the discontinuance and, if the licensee 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 secretary. B. If any licensee liable for any tax, interest, or penalty levied hereunder sells or transfers the business or quits the business, he shall make a final return and payment within fifteen days after the date of selling, transferring, or quitting the business. The successor, successors, or assigns, if any, shall withhold sufficient of the purchase money to cover the amount of such taxes, interest, and penalties due and unpaid until such time as the former owner shall produce a receipt from the secretary showing that they have been paid, or a certificate stating that no taxes, interest, or penalties are due. If the purchaser of a business fails to withhold purchase money as above provided, the purchaser shall be personally liable for the payment of the taxes, interest, and penalties accrued and unpaid on the account of the operation of the business by any former owner, owners, or assigns. C. In the case of a licensee who has quit a business and who subsequently opens another similar business under the same ownership, whether that ownership is individual, partnership, corporation, or other, that licensee shall be liable for any tax, interest, or penalty owed by the original business. Acts 2005, No. 252, §1, eff. July 1, 2006.