27 CFR § 478.55 - Continuing partnerships.

---
identifier: "/us/cfr/t27/s478.55"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "27 CFR § 478.55 - Continuing partnerships."
title_number: 27
title_name: "Alcohol, Tobacco Products and Firearms"
section_number: "478.55"
section_name: "Continuing partnerships."
chapter_name: "BUREAU OF ALCOHOL, TOBACCO, FIREARMS, AND EXPLOSIVES, DEPARTMENT OF JUSTICE"
subchapter_number: "B"
subchapter_name: "FIREARMS AND AMMUNITION"
part_number: "478"
part_name: "COMMERCE IN FIREARMS AND AMMUNITION"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "5 U.S.C. 552(a); 18 U.S.C. 847, 921-931; 44 U.S.C. 3504(h)."
regulatory_source: "33 FR 18555, Dec. 14, 1968, unless otherwise noted. Redesignated at 40 FR 16835, Apr. 15, 1975, and further redesignated by T.D. ATF-487, 68 FR 3750, Jan. 24, 2003."
cfr_part: "478"
---


# 478.55 Continuing partnerships.

Where, under the laws of the particular State, the partnership is not terminated on death or insolvency of a partner, but continues until the winding up of the partnership affairs is completed, and the surviving partner has the exclusive right to the control and possession of the partnership assets for the purpose of liquidation and settlement, such surviving partner may continue to operate the business under the license of the partnership. If such surviving partner acquires the business on completion of the settlement of the partnership, he shall obtain a license in his own name from the date of acquisition, as provided in § 478.44. The rule set forth in this section shall also apply where there is more than one surviving partner.