(A) A local business tax receipt may be transferred to a new owner when there is a bona fide sale of the business upon payment of a transfer fee of 10% of the annual local business tax, but not less than $3 nor more than $25, and presentation of the original local business tax receipt and evidence of the sale.
(B) Where no new person or persons in interest come into the business, a change of the business organization or structure, such as from a corporation to an individual proprietorship or partnership, or from an individual proprietorship or partnership to a corporation, shall not be considered a transfer of ownership for local business tax receipt purposes calling for payment of the transfer fees set forth above.
(C) Where the local business tax receipt holder has been exempted from payment of all or any part of the local business tax, any such local business tax receipt shall not be transferable under this section.
(D) No such local business tax receipt shall be transferred until all outstanding city utility obligations have been paid to the satisfaction of the Director of Financial Services.
(E) A local business tax receipt is transferable only if the seller can produce the original local business tax receipt and evidence of sale as required above. Otherwise, the person purchasing the business will be required to obtain a new local business tax receipt and pay the full amount due.
(Ord. O-95-44, passed 7-26-95; Am. Ord. O-2007-07, passed 4-18-07)