Section 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.Eff. 1/1/2024, Register 248, January 2024Authority:AS 04.06.090
AS 04.06.100
AS 04.09.010
AS 04.09.040
AS 04.11.030