(a)
When there is a change in a partnership due to the death or withdrawal of one or more
partners or by the addition of one or more partners or a combination of such changes
a new partnership shall be deemed to have been created for the purposes of this chapter
and the new partnership shall obtain a new business license.
(b)
The incorporation of an individual, partnership or other unincorporated business or
profession shall be considered the creation of a new business entity, and a new license
shall be obtained by such corporation. If a corporation changes its name or trade
name without filing a new corporate charter with the state corporation commission,
the corporation shall notify the commissioner of the revenue of the change within
30 days of the change. Except as provided in subsection (a) of this section, any individual
or partnership changing its name or trade name shall notify the commissioner of the
revenue within 30 days of the change and shall record the change with the clerk of
the circuit court, if required by law.
