Notification of succession to business
Grounds for succession to business- When a business operator transfers his/her business or dies, or a merger of corporations is carried out, the transferee, successor, a corporation surviving such merger or a corporation established after such merger shall succeed the status of the relevant business operator (Article 39(1) of the Food Sanitation Act).
Notification of succession to business- A person who has succeeded the status of the relevant business operator shall notify such a fact to the Governor of a Special Self-Governing Province or the head of a Si/Gun/Gu within 1 month (Article 39(3) of the Food Sanitation Act).
※ Anyone who violates this provision shall be punished by imprisonment for no longer than 3 years or be subject to a fine not exceeding KRW 30 million (Subparagraph 1 of Article 97 of the Food Sanitation Act).
- A person who intends to report succession to business shall submit a report for the succession to business accompanied by additional required documents to a notifying office (Article 39(3) of the Food Sanitation Act and Article 48(1) of the Enforcement Regulations of the Food Sanitation Act).