Dear Experts,
We have a partneship firm with 2 partners my mom and dad - we are thinking to convert this to a sole proprietorship - where only my dad will be sole proprietor - we are planning to do this as we will be able to save on tax.
Will the sole proprietor will be able to take salary which he is drawing now every month?
Can the experts please discuss the other advantage and disadvantage of the same?
Thanks in advance.