ARSD § 64:06:01:05 — Change in ownership

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64:06:01:05. Change in ownership. If the ownership status
of a business which holds a tax permit changes from one type of business
ownership such as sole proprietor, partnership, or corporation to another type
of business ownership, a new tax permit is required. The new owner must apply
for the new permit.
A new tax permit is required for
corporations which are sold or transferred only if ownership of the business is
transferred to a different corporation or other owner.
A new permit is not required for
partnerships if one or more partners listed on the permit enters or leaves the
partnership and the business continues to be operated under the partnership
form. Those partners listed on the permit remain liable until the department is
notified, in writing, of a change in the status of any partner. A new partner
is automatically held liable for any partnership tax obligations to the state.