Section 3 AAC 305.625 - Death of an individual with less than a controlling interest in a license issued to a business entity(a) Upon the death of an individual who owns less than 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 complete one of the following not later than 180 days after the individual's death: (1) a change of ownership report under AS 04.11.045, 04.11.050, or 04.11.055;(2) a transfer application if required by AS 04.11.040 and 3 AAC 305.060;(3) a time extension request under (b) of this section.(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 04.09.030
AS 04.11.040