                                 CODE OF VIRGINIA

NOTICE OF DISCONTINUANCE, SALE OR TRANSFER OF BUSINESS (§ 58.1-2214)

A. A licensee who discontinues in the Commonwealth the business for which the
license was issued shall notify the Commissioner in writing of such
discontinuance and shall surrender the license to the Commissioner. 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 Commissioner.

B. If the licensee is a supplier, all taxes for which the supplier is liable
under this chapter but are not yet due shall be due on the date of the
discontinuance. If the supplier has transferred the business to another person
and does not give the notice required by this section, the person to whom the
business was transferred shall be liable for the amount of any tax owed by the
supplier to the Commonwealth on the date the business was transferred. The
liability of the person to whom the business was transferred shall not exceed
the value of the property acquired from the supplier.

HISTORY: 2000, cc. 729, 758.