(1) If an application for a license is made on behalf of a corporation or limited partnership, the license shall be applied for by and issued to the president of the corporation or members of the partnership who are authorized to act for it.

(2) If the application is made on behalf of a partnership, the license shall be applied for by and issued to all of the partners who are authorized to act for the partnership. Where any partner is a corporation or limited partnership, the application shall be made by and issued to the president of the corporation or members of the limited partnership who are authorized to act for it.

(3) Each individual who applies for a dealer’s license under this Section assumes, as an individual, all responsibilities of the dealer and, as an individual, is subject to all conditions, restrictions and requirements imposed on dealers.