Section 100. Change in business structure treated as change in ownership

The following changes in the structure of the entity operating a rental business are considered changes in ownership, so that the new operating entity, as a new owner, must apply for a new certificate of registration while the old entity must surrender its old certificate to the department. The changes are:

1. Change of a partnership or sole proprietorship into a corporation;

2. Change of a corporation into a partnership or sole proprietorship;

3. Change of a partnership into a sole proprietorship;

4. Change of a sole proprietorship into a partnership; and

5. Change from one partnership to another partnership where none of the partners remain the same.

Historical Notes

Derived from VR485-60-8701 § 2.8, eff. January 1, 1987; amended, Volume 13, Issue 22, eff. July 1, 1997.

Statutory Authority

§ 58.1-2421 of the Code of Virginia.