QUESTION
If there is a lien on a bar and someone else bought it, when does the liquor license go through?
Asked on Jan 01st, 2012 on Business Law - Virginia
More details to this question:
I work at a bar. The owners didn''t pay their taxes. There was a lien on the bar. Someone else bought it. The people that bought it put in for the liquor license on Dec 20th. I know it takes a min of 30 days for a liquor license to go through. When would it have started or will start? On the 20th or once the lien is lifted?
1 ANSWER
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Generally speaking, buyer of a business will have arranged for the release of a pre-existing tax lien prior to closing of the purchase (often, the lien is required to be paid by the seller contemporaneously with closing from the purchase price). Application by the buyer for a liquor license is generally made contemporaneously with closing also.
Answered on Jan 02nd, 2012 at 11:14 AM