58.1-2214 - Notice of discontinuance, sale or transfer of business.
§ 58.1-2214. 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 thelicensee has transferred the business or otherwise relinquished control toanother person by sale or otherwise, the date of the sale or transfer and thename and address of the person to whom the business is transferred orrelinquished. The notice shall also include any other information required bythe Commissioner.
B. If the licensee is a supplier, all taxes for which the supplier is liableunder this chapter but are not yet due shall be due on the date of thediscontinuance. If the supplier has transferred the business to anotherperson and does not give the notice required by this section, the person towhom the business was transferred shall be liable for the amount of any taxowed by the supplier to the Commonwealth on the date the business wastransferred. The liability of the person to whom the business was transferredshall not exceed the value of the property acquired from the supplier.
(2000, cc. 729, 758.)