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conversion of partnership firm to private limited company

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24 October 2008 ours is a partnership firm in India dealing in pharmaceuticals. one of our partner wants to retire from the business and as such will result in expense of more than 5 lak rupees in change of the licence. we want to first convert the firm in private limited company and than want the partner to retire so that we can have licensing fees applicable once only. so how can we do it at once without attracting much tax on our individual balance sheets.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
30 October 2008 You have already given the correct solution.
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