How do I handle a change of ownership in my business?
A change in ownership requires a new registration by the new controlling part. The bureau considers the ownership to change whenever a majority or over 50% of the stocks or assets have changed hands. There is a grace period where the new owner may operate under the seller’s registration. The seller must grant their permission and the grace period is for 30 days, beginning at the date of sale/closing. By the 31st day the new owner must have their own registration.