Okla. Admin. Code § 45:40-7-4

Current through Vol. 42, No. 6, December 2, 2024

Section 45:40-7-4 - Changes in partnerships

(a) In cases where the licensees operate as a partnership, one member will be permitted to withdraw by making a request in writing for permission to do so.

(b) A dissolution agreement of said partnership, or copy thereof, shall be filed with the Commission. The partner leaving the partnership shall assign all of his right, title and interest to all alcoholic beverages, the license, and the lease on the property to the remaining partner.

(c) The original license, and any renewal thereof, shall be forwarded to the Commission for modification.

(d) In order to convert an individual business operation into a partnership operation, the proposed new partner is required to follow the same procedure as the original holder of the license, except that only ten percent (10%) of the original fee would be required to be deposited with the application; PROVIDED, that this shall not apply in cases where the licensee desires to make his or her spouse a legal partner of the business, if the relationship of husband and wife existed as of the date of the original license.

(e) In order to convert an individual business operation into a partnership operation, the requirements are as follows:

(1) A request by licensee for permission to add partner or partners, identified by name and address.

(2) Submission of a copy of the partnership agreement affecting the licensed premises.

(3) Submission of application for license by new partner or partners; PROVIDED, that, this shall not apply where the licensee desires to make his or her spouse a legal partner of the business, if the relationship of husband and wife existed as of the date of the original license.

(4) The original license, and any renewal thereof, shall be forwarded to the Commission for modification.

(f) The addition or withdrawal of partners will not be authorized when such action in effect would be a transfer of the license, either voluntarily or involuntarily.

Okla. Admin. Code § 45:40-7-4