In this episode of Corporate Conversations, Marco Costales, Kimberly Kamkar and Asally Adib-Samadian continue their look into the complexities of California alcohol beverage law compliance, focusing on updates and changes after obtaining a liquor license. They discuss the critical steps involved when modifying licensed premises, highlighting the need for ABC notification or approval and the potential requirements for new permits, and  provide detailed definitions and explanations of various business entities, such as corporations, LLCs, partnerships and trusts, along with the roles key individuals play in each structure to help listeners understand who must be “qualified” by the ABC.  

This episode distinguishes between corporate updates, involving management changes and ownership changes under 50%, and changes of control, where 50% or more of the voting equity changes hands, requiring a stock transfer application. Special attention is given to the challenges posed by trusts, due to the lack of specific ABC forms and privacy concerns. Emphasizing the importance of timely compliance, our hosts advise proactive planning, comprehensive documentation and early communication with both liquor counsel and the ABC to safeguard licenses and avoid costly repercussions.