Can i convert directly my partnership into SOLE propreitorship

Stock Talks (1 Points)

02 April 2023  

Hi i have a partnership firm , but now among us the 3 partners the other 2 partners want an exit but i want to run that firm , so will i have to dissolve partnership firm and will i have to like first make all the payments to my creditors , receive payments from all of my  debtors , and the payment of each and every family loan or unsecured loans that is with the firm right now , and sell ALL my stock first and then god knows when will that money come in return from my debtors , or

can i simply can they resign from the partnership firm and can i  shift their capital account  balance in my unsecured loans account and pay them interest for the amount or slowly pay them off

and start doing the buisness as sole proprietor

is this possible

the partners are one joint family members , they can agree on not taking any goodwill or any extra payments by their will and in writing they can accept for all this

or is it neccessary to make other partners the payment for the goodwill and all other things