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Benifit of converting firm into proprietorship ?

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(Querist)
29 August 2012 Hi

Pls let me know what is the benefit if i convert my firm into two business ,( 2 partners are there in existing firm and now changing to two proprietorship )

Firm has loss now and we are carrying it forward from past 4 yrs.

pls suggest
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srinath

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srinath (Expert)
29 August 2012 Loss pertaining to the retiring partner cannot be carried forward if the partner retires.

no benefit accrues except the business of the prop is taxed at slab rates
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