3 AAC 305.620 - Death of an individual with a controlling interest in a license issued to a business entity
(a) Upon the death
of an individual who owns a controlling interest in a partnership, including a
limited partnership, a limited liability company, or a corporation that holds a
license under AS 04 and this chapter, the business entity may continue to
operate the licensed business but shall file a transfer application as required
under AS
04.11.040 and
3
AAC 305.060 or a time extension request under (b) of
this section not later than 180 days after the individual's death. If the
business entity fails to file a transfer application or time extension by the
180-day deadline the business shall stop operation until the business entity
files a transfer application.
(b) A
business entity may submit a time extension request. If the board grants a time
extension, the extension may not exceed the time reasonably necessary to close
the affairs of the deceased individual, as determined by the board; however,
the board may extend an extension for good cause. A written request to extend
the applicable deadline must
(1) be submitted
to the board before the applicable deadline expires; however, the board may
approve a request that is submitted after the deadline if there is good cause
to approve the deadline extension; and
(2) include an estimated length of time
required for the extension from the business entity and a description of the
factors that support the requested timeline.
Notes
Authority:AS 04.06.090
AS 04.06.100
AS 04.09.010
AS 04.09.040
AS 04.11.030
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