Business Restructuring Instructions
Business Restructuring and/or Change of ownership
If a business does a restructure, reorganization or a full ownership change that results in a FID/EIN/SSN or a change of control, a new Business License is required.
You will be required to purchase a current Business License and pay for any prior year licenses owed, as well as any appropriate penalties.
Section 8-2. Definitions. The following words, terms, and phrases, when used in this ordinance, shall have the meaning ascribed herein. Defined terms are not capitalized when used in this ordinance unless the context otherwise requires.
“Restructure or Reorganization” means a changing of a company organizational structure which can involve financial, operational, legal, or other structures of a business with the purpose of making it a more efficient business entity.
“Transfer of Controlling Interest” means all business changes as it relates to ownership, Restructure, or Reorganization which results in a change of control.
Section 8-8. Display and Transfer.
- All persons shall display the license issued to them on the original form provided by the license official in a conspicuous place in the business establishment at the address shown on the license. A transient or non-resident shall carry the license upon his person or in a vehicle used in the business readily available for inspection by any authorized agent of the Municipality.
- A change of address must be reported to the license official within ten (10) days after removal of the business to a new location and the license will be valid at the new address upon written notification by the license official and compliance with zoning and building codes. Failure to obtain the approval of the license official for a change of address shall invalidate the license and subject the licensee to prosecution for doing business without a license. A business license shall not be transferable, and a transfer of controlling interest shall be considered a termination of the old business and the establishment of a new business requiring a new business license, based on old business income.