Title
To amend and reordain City Code ? 26-874, concerning a business license incentive program for qualifying businesses, for the purpose of revising the definition of a qualifying business, adding the incentive of a refund, and requiring a business to apply to qualify for the program within two years from the date the business located in the city.
Body
THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That section 26-874 of the Code of the City of Richmond (2015), as amended, be and is hereby amended and reordained as follows:
Sec. 26-874. Business License Incentive Program for qualifying businesses.
(a) Definitions. The following words, terms and phrases, when used in this section, shall have the meanings ascribed to them in this subsection, except where the context clearly indicates a different meaning:
Acquisition means the combination of two or more existing businesses where one business acquires the ownership of the other business or businesses.
Business license year means a calendar year.
Change in business form means a change in the organization of an existing business. A change in business form occurs whether such change is voluntary or involuntary and whether such change is recognized by the State Corporation Commission or not recognized by the State Corporation Commission. A change in business form includes a new business entity that meets the definition of "affiliated group," as that term is defined in Code of Virginia, ? 58.1-3700.1, where such business conducts business activities that are similar to one or more of the affiliated businesses. However, a new business entity that meets such definition of "affiliated group" but conducts substantially different business activities shall not be treated as a change in business form.
Merger means the combination of two or more existing businesses to establish a new business.
Name change means a change in the name upon which a business trades. A name change occu...
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