Covertion of Partnership firm into Sole Proprietorship
Greetings!! I have started a partnership firm with 3 members overall ie my wife is the active partner and my childhood friends wife as other partners. The nature is related to finance (share market, offering personal laons and accepting deposits). To be more precise, take deposit from one Customer and give loan to others and the difference is our profit. We also put our capital equally for buying shares and offering loans. Overall, we end up in no loss & no profit as we incurred a huge loss in share market which got compensated in personal loans income.
Now, due to less contribution and other factors, the other partners wanted to dissolve the partnership or asked me to take it and run it as a sole proprietorship. Other partners are ready to sign on whatever dissolution papers ie either dissolve completely or they can re-sign. I had consulted an Auditor who advised me to put multiple resolution and run it as a Sole Proprietorship. Also one other Auditor had a different opinion pertained to risk and advised me to dissolve and open a new account.
I am confused, please advise.