When you want or need to make an ownership change to your business, such as removing or adding owners or investors, changing shares of ownership, or appointing/removing officers, you’ll need to request approval from the State Liquor Authority.
This process has several steps and requires some documentation. I’m here to help guide you through them as smoothly as possible.
If your business is in New York City, the first step is to send a 30 Day Notice to your local Community Board.
The next step is to prepare the Corporate Change application form. You must tell the Liquor Authority the reasons for the changes, and then describe who is coming, who is going, and who is staying.
For incoming owners, the Liquor Authority also requires a detailed personal questionnaire form, identification, and proof of lawful status in the United States.
If there are payments being made by the new owners, or if there are buyouts of the outgoing partners, the amounts and the terms of the arrangement must be disclosed and documented. Copies of agreements, notes, and payments will be required, but they are considered confidential and are not disclosed under the FOIL laws.
All of this information is reviewed by the Liquor Authority. When everything is in order, the changes will be approved. When that happens, the new owners will be named on the license, and any departing partners will be removed.
Currently, the time it takes to complete this process is about 6-8 months from the time the application is submitted until the time it is approved. This does not include the 30 Day Notice period for New York applicants.
Remember, it’s essential to follow the specific procedures outlined by the Liquor Authority to make sure that your application is approved smoothly and without unnecessary delays.
If you or someone you know needs help with a liquor license change application or would like to talk about a different liquor license issue in New York, please reach out to me at 631-624-9007, or at david@sydangroup.com.