Operators should not underestimate the importance of ensuring the correct entity holds the O-licence. When a business changes legal status, it is vital that the TAO is notified. Often operators do not understand the significance of this, but the consequences can be serious. In the case of partnerships, if one or more partners join or leave, then in both cases it is a change in entity and a completely fresh application must be made. The situation is different for companies and LLPs when directors and members are appointed and retired. In the case of a company, all directors should be named on the application form and the subsequent appointment and retirement of directors should be reported to the TC in writing.
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