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I purchased a licensed entity. Must my Annual Financial Statement (AFS) report include the financial dealings of the previous ownership that occurred during the reporting period?
If the licensee and license were acquired, meaning the licensee itself was purchased and no new license was issued, the AFS report must cover the entire reporting period of that license. The licensee must submit an AFS for the entire reporting period.
Example: ABC, LLC was initially issued a license on November 1, 2020. On January 31, 2021, XYZ, LLC acquired ABC, LLC, and the respective license. The licensee remains as ABC, LLC. Based on the date of initial licensure (November 1, 2020), the reporting period is October 1, 2020 - September 30, 2021. ABC, LLC is required to submit the AFS report for the entire reporting period, which includes the time-period for which the license was held under the previous ownership.