Partnership is one the most common business entity. Partnership is a contractual agreement between partners to run the business and share profits from the business.
Generally, partnership is most suitable for the medium sized business which involves limited capital. Even the partnership is having its advantages at the same time, it has its own disadvantages like unlimited liability, lack of visibility, higher tax rate, expansion and restrictions on transfer of shares.
As the business and risk grows, conversion of a firm to a private limited company is a natural choice.
Yes, the partnership firm can be converted in to private limited company either by Conversion of partnership to private limited company under companies act or Sale of existing partnership business to private limited company