California · Corporations Code
CORP §28603: No licensee shall sell all or substantially all of its business to any other person unless the other person is a licensee and the sale is first approved by the commissioner.
What this law says, in plain English
Licensed businesses cannot sell all or most of their operations to non-licensees without commissioner approval. Sales to other licensees require prior commissioner authorization.
Read the full statutory text
Verify at the official source: California legislative text
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This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.