South Carolina Code 40-18-40. Licenses to operate security or private investigation business; transferability; surrender on termination of business or change of ownership
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 40-18-40
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- SLED: means the South Carolina Law Enforcement Division. See South Carolina Code 40-18-20
Licenses to operate security or private investigation businesses are the property of SLED and are not transferable. Licenses must be surrendered immediately to SLED upon the termination of a business or upon a change of ownership, possession, or control of a corporation or business entity. The transfer of twenty-five percent or more of corporate stock is considered a change in ownership.