Points to remember
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When the entity changes (ie sole trader to partnership or partnership to limited company), the TC must be informed and a new licence application made, or the operation will be illegal. Whoever controls and maintains the vehicles, pays the drivers and benefits from the work must hold the licence.
If your business is a partnership and a new partner joins, the TC must be informed. He/she will decide if this means a change in the legal status of the business – if so, a new application will be required.
Directors may be added to a limited company without the need for a new application, but the TC must be notified within 28 days.
The TC must be notified within 28 days and the O-licence surrendered if the licence holder, as a sole trader or partnership, is declared bankrupt. If a limited company goes into administration, the administrator may apply to run the company for a period of time.