Conversion of a partnership to a private company can be found under the provisions of The Companies Act, 1956 and the Income Tax Act, 1961. There are two options available under The Companies Act, 1956 namely- to dissolve the firm and incorporate a new company under the Companies Act, 1956, or incorporate a company which can legally take over the business of the firm and continue the same business under Part IX of the Companies Act, 1956. The firm can be converted following the provisions under IX of the Companies Act 1956, since there are benefits for both the firm and the company.
The partners must all conduct a meeting in regards to the conversion of the company, and you can obtain a No Objection Certificate from the secured creditors of the firm, if any are present. An application needs to be filed with the Registrar of Companies (ROC) to obtain the name for the proposed company after conversion, with various attachments stating the fact that the partnership firm is proposed to be converted under the Companies Act, 2013.
Read more at: https://www.lawyersclubindia.com/experts/conversion-of-partnership-firm-into-private-limited-company-426176.asp
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