Every licensee under this chapter who does, conducts or transacts business under an assumed name shall be required to comply with the terms and provisions of the assumed business name act, 805 Illinois Compiled Statutes 405/0.01 et seq. If one or more members of a firm or partnership withdraw from such business, the business may be continued by the remaining persons or partners under the liquor license for the remainder of the period for which the license was issued to the licensee. The change in ownership, however, shall be reported immediately to the county liquor control commission, and the change shall be shown immediately on the original license application then in effect filed in the office of the county clerk. The failure by any licensee under this chapter to comply with the provisions of any part of this section shall be considered and deemed cause for the revocation and cancellation of the liquor license issued under this chapter by the county liquor control commission. (Ord., 11-14-1995; amd. 2009 Code)