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Lead Conversion in PRM for Business Accounts

Hello,
I require to convert my leads to opportunities in the Partner Portal. Whenever I clicked on the convert button, I was taken to lead convert page, after entering all the required information, & clicked on the Convert button again, I got an error message 'cannot find default record type'
 
After much research I was able to convert a lead that was a person account into an opportunity. I am still unable to convert a business account lead to an opportunity.
 
Any pointers to this will be appreciated
 
 
Thanks