My husband passed away recently. My husband owns 1% and I own 1% of capital. Family trust owns 98% as limited Partner. My husband and I share 50/50 profit &loss. According to the Partnership agreement, Upon the death of a General Partner, the General Partner's Partnership Interest shall be converted to that of a Limited Partner with only those rights and entitlements accorded to any Limited Partner herein.
In Wyoming, can one General Partner be the Sole General Partner in a Family Limited Partnership?
Do I do an amendment to the Certificate of Limited Partnership with Secretary of State, Wyoming?