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 

• Tax benefits

• Lesser legal compliances

• Shared responsibility among partners 

Documents required 

• PAN card

• Identity card

• Passport size photograph 

• Utility bill

• Copy of rental agreement / Copy of property papers of registered office

• 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.