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Some categories cannot be sold without a licence, and the licence is usually needed by more than one party in the chain. The unglamorous one that catches everybody first is the seller's permit — required to sell at all in most US states, and required to issue a resale certificate to your own suppliers.
A state seller's permit is free or nearly free, and selling without one is a penalty in most states even if you collected no tax. It is also what lets you buy inventory tax-free, so operating without one costs money on both sides.
Each of these carries its own licensing regime, usually at more than one level of government, and usually for more than one party in the chain.
Buying a business does not transfer its licences in most regimes; they are re-applied for. Transactions have collapsed over this, discovered late, when the licence was the actual asset.
Renewal dates rarely align with anything else in the business, and lapsing typically means stopping sales rather than paying a fine. Recording the dates somewhere that warns you is the entire discipline.