314-55-120 - Ownership changes

314-55-120. Ownership changes

(1) Licensees must receive prior board approval before making any of the following ownership changes (see WAC 314-55-035 for the definition of "true party of interest"):

Type of change

Type of application

Fee

Change in the true parties of interest or owners in a: Sole proprietorship, general partnership, limited partnership, or limited liability partnership.

New application.

Application fee and annual fee for current license privilege.

Change in the true parties of interest or owners for a publicly or privately held corporation. The board will waive the fee for a corporate change when the proposed change consists solely of dropping an approved officer.

Application for change in corporate officer and /or stockholder.

$75

Change in the true parties of interest or owners in a limited liability company.

Application for change of limited liability company member and/or manager.

$75

Accepting additional funds from a new or previously approved financier.

Added financier.

$75

(2) Licensees must notify the WSLCB if there are any changes to marital status of any true party of interest in the license.

(3) The WSLCB may inquire into all matters in connection with any such sale of stock/units or proposed change in officers/members.

(4) If the WSLCB receives an application to change the ownership structure of a licensee, the application will be withdrawn unless one or more of the following is submitted:

(a) Proof that the party being removed was notified that they were being removed and they did not object within ninety days;

(b) Signed documentation from the true party of interest being removed for the licensed entity that they agree with the removal; or

(c) A final court document removing them.

(Amended by WSR 16-11-110, Filed 5/18/2016, effective 6/18/2016 Amended by WSR 18-22-055, Filed 10/31/2018, effective 12/1/2018)

Statutory Authority: RCW 69.50.325, 69.50.331, 69.50.342, 69.50.345. WSR 13-21-104, ? § 314-55-120, filed 10/21/13, effective 11/21/13. WSR 13-21-003, § 314-55-120, filed 10/3/2013, effective 11/3/2013

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