Utah Code 32B-18-202. Effect of change of ownership of business entity
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Terms Used In Utah Code 32B-18-202
- Alcohol license: means :(1)(a)(i) a retail license;(1)(a)(ii) an off-premise beer retailer state license;(1)(a)(iii) a brewery manufacturing license;(1)(a)(iv) a distillery manufacturing license;(1)(a)(v) a winery manufacturing license;(1)(a)(vi) a liquor warehousing license; and(1)(a)(vii) a special use permit that is an industrial or manufacturing use permit. See Utah Code 32B-18-101
- Business entity: means a corporation, partnership, limited liability company, sole proprietorship, or similar entity. See Utah Code 32B-18-101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- License: means :
(62)(a) a retail license;(62)(b) a sublicense;(62)(c) a license issued in accordance with Chapter 7, Part 4, Off-premise Beer Retailer State License;(62)(d) a license issued in accordance with Chapter 11, Manufacturing and Related Licenses Act;(62)(e) a license issued in accordance with Chapter 12, Liquor Warehousing License Act;(62)(f) a license issued in accordance with Chapter 13, Beer Wholesaling License Act; or(62)(g) a license issued in accordance with Chapter 17, Liquor Transport License Act. See Utah Code 32B-1-102- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(1)(a) When the ownership of 51% or more of the shares of stock of a corporation is restructured to include one or more persons who did not hold the ownership of 51% of those shares of stock on the day on which an alcohol license is issued to the corporation, the corporation shall comply with this chapter to reflect the restructuring.(1)(b) When there is a new general partner or when the ownership of 51% or more of the capital or profits of a limited partnership is restructured to include one or more persons as general or limited partners and who did not hold ownership of 51% or more of the capital or profits of the limited partnership on the day on which an alcohol license is issued to the limited partnership, the limited partnership shall comply with this chapter to reflect the restructuring.(1)(c) When the ownership of 51% or more of the interests in a limited liability company is restructured to include one or more persons as members who did not hold ownership of 51% or more of the interests in the limited liability company on the day on which an alcohol license is issued to the limited liability company, the limited liability company shall comply with this chapter to reflect the restructuring.(2) A business entity shall comply with this section within 60 days after the day on which a restructuring of the business entity becomes effective.