Change of Ownership
(a) A sole owner, partnership or other unincorporated entity:
– IATA approval is granted to specific persons. Therefore, if a sole owner sells to another person, or if a partnership or other unincorporated entity admits or withdraws a partner, this change represents a change of ownership.
(b) Mergers and acquisitions in the case of a corporation or limited liability company.
Change of Shareholding
A company can change its shareholding through adding a new shareholder(s), removing or changing the existing proportion of shares between shareholders.
The change of shareholding can be major or minor and it depends on the change of control.
A change in control occurs when a) any person or legal entity acquires sufficient equity in the entity so as to hold at least a majority of the ordinary voting rights in the entity, or b) when any person or legal entity is divested of sufficient equity in the entity so as to no longer hold at least a majority of the ordinary voting rights in the entity.
Change of Legal Entity
A change of legal entity is defined as change in the legal nature of a corporation, partnership, proprietorship, or individual.
Change of Name
In this case the company changes its name, but the legal entity remains the same.
Change of Location
A change in the physical location of a business.
Inheritance
Inheritance refers to a change of ownership as a result of the death of a sole owner, or a member of a partnership or other unincorporated entity. An inter vivos transfer to a family member (or other party) will be treated as change of ownership or shareholding depending on the legal entity type involved.
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