Must a limited partnership licensed by ABC report ownership changes to ABC?
Yes. It must report to ABC in writing, either of the following: (a) The assignment or transfer of ownership resulting in a person owning as a limited partner 10 percent or more of the capital or profits of the limited partnership; or (b) Any change in the general partners of the limited partnership. The report must be filed with ABC within 30 days after the assignment or transfer of the limited partnership interest. When there is a new general partner or when the ownership of 50 percent or more of the capital or profits of a limited partnership is to be transferred, a transfer of the limited partnership's license is now required. The fee for such license transfer shall be 50 percent of the original fee for the license, minimum $100 and maximum $800. The transfer must comply with all applicable laws and rules. (Sections 23405.1 and 24071.1)