Changes in Your Business Structure
Notify Business Licenses if there is a change in your business. This includes, for example, different owners, officers, directors or shareholders. Failure to report these changes may result in license revocation.
Corporations: Corporations can be bought and sold and the business license is maintained. If there are shareholders, individuals’ background information must be submitted to update the file. Contact a License Inspector (pdf).
New Shareholders Only: When new shareholders are added, individual information must be submitted so the file can be updated. A new license is not required.
Partnerships: When a partner leaves the business, the partnership is dissolved. A new license application and business license are required.
Sole Proprietorship: A sole proprietorship license is issued strictly to the person whose name is on the application. If the sole proprietor leaves the business, the license is no longer valid.
In the case of a business license issued to a husband and a wife (sole proprietorship), removal of a name is possible with the written permission of the other spouse or written legal notice. A new license is not required.
Last updated Sep. 27, 2011