1Ordinarily when a partner dies or withdraws, or a new partner is added, that partnership is dissolved and a new one is created. For Commission purposes, if the business is continued by two or more persons, one of whom is an active broker with the partnership, the partnership will be deemed to be continued. In this latter case, it is only necessary to cancel, issue, or reissue registration and licenses, perfecting the changes in organization, including change of name of the partnership, if any, and including a reissue of licenses to each sales associate if there is a change of name or address. If there is dispute between two former partners, or groups thereof, as to the right to use a trade name or firm name, no registration or licenses shall be issued to either until the dispute is settled by agreement or judicially and the registration and licenses of all, as well as the sales associate(s), shall be involuntary inactive until the dispute is so settled, or a request shall be filed for the issuance of registration and licenses under another name.
