(a) The Board shall transfer a license that is issued for use in a business if:
(1) the business is sold to a different owner; and
(2) the new owner qualifies as a license holder.
(b) (1) This subsection applies to the resident applicant of a licensed establishment for which a license was transferred after July 1, 1984, on behalf of a corporation, an unincorporated entity, or a limited liability company.
(2) The resident applicant:
(i) 1. if the transferred license is a Class A beer and wine license or a Class A–1 or Class A–2 beer, wine, and liquor license, shall own at least 25% of the total corporation, unincorporated entity, or limited liability company;
2. if the transferred license is any type of license other than one specified in item 1 or 3 of this item, shall own at least 10% of the total business; or
3. for a Class C–1, Class C–2, or Class C–3 license, may own any amount or no amount of the total corporation, unincorporated entity, or limited liability company;
(ii) shall serve as manager or supervisor; and
(iii) shall be physically present on the premises a substantial amount of time on a daily basis.