No license is transferable to another person. For purposes of this part, a transfer of a majority interest in a business association, other than a publicly held corporation, including a corporation, partnership, trust, joint venture, limited liability company and any other business association, shall be deemed a transfer of any license held by such business association, and shall render the license void. Any substantial change in ownership of a business association, other than a publicly held business association, shall be reported to the department under rules prescribed by the department. Acts 1997, ch. 316, § 1; T.C.A., § 67-3-1715.
Tennessee Legal Code