32B-18-202. Effect of change of ownership of business entity.
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/ut/title-32b/chapter-18/32b-18-202A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 6/1/2022
32B-18-202. Effect of change of ownership of business entity.
(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.
(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.
(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.
Renumbered and Amended by Chapter 447 , 2022 General Session