A sole proprietorship has a sole owner, whereas a partnership has two or more people to operate a business. The Partnership firm is governed by the Partnership Act and a Sole Proprietorship has no specific governing body.
Advantages
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Tax benefits
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Lesser legal compliances
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Shared responsibility among partners
Documents required
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PAN card
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Identity card
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Passport size photograph
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Utility bill
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Copy of rental agreement / Copy of property papers of registered office
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NOC provided by Owner
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: Draft partnership deed and declare the transfer
Step 4: If all the conditions get fulfilled which are required for incorporation then, a registration certificate is issued to the partnership firm.
This whole process may take 7 to 10 days but it also depends on various circumstances.