(a) The holder of a license issued under this chapter, including a food and beverage certificate, may alter the form of the business entity that holds the license if the ownership of the newly created business entity is identical to the ownership of the former business entity.
(b) Before the 10th day preceding the date the holder of the license converts to a different form of business, the holder of the license shall:
(1) file notice with the commission on a form prescribed by the commission of the change in the form of the business entity; and
(2) pay a $100 fee for each licensed premises affected by the change in form of the business entity.

(c) After satisfying the requirements of Subsection (b) and establishing the newly created business entity, that entity may use the license and exercise any privileges granted by the license.