A partnership is an agreement between two or more persons who come together to carry out business activities, while a Pvt ltd company has a separate identity.

Benefits 

• No personal liability

• Perpetual succession

• Easy transfer of shares 

• Creates brand value

• Raises capital

• Separate legal entity: acquire property on its own name 

Requirements

• Partnership firm must be registered and should have a minimum number of 7 partners.

• For conversion, the minimum number of directors is 2 

• Directors & shareholders can be the same person

• All the directors must obtain the Director Identification Number and Digital Signature Certificate

 Documents required 

• PAN card

• Identity card

• Passport size photograph 

• Specimen signature of partners

• Latest bank statement 

• Utility bill

Conversion process

Step 1: File an application for conversion of company.

Step 2: Submit all the mandatory documents which are required for registration 

Step 3: Obtain a Digital Signature Certificate and Director Identification Number.

Step 4: File an application for approval of the name of the company in the prescribed format.

Step 5: Draft MOA & AOA for Private Limited company and file for incorporation.

Step 6: Apply for PAN number of the company.

Step 7: Apply for Corporate Identification Number

Step 8: If all the conditions get fulfilled which are required for incorporation then, a registration certificate is issued to the company.

This whole process may take 25 to 30 days but it also depends on various circumstances.