Owners of a partnership decide to convert it into a corporation. Explain the full process from initiation to conversion (steps 1 4) and fill the spaces with suitable words:

Step 1: A (xxx) study needs to be developed. It should include at least:

1. (xxx)

2. (xxx)

3. (xx)

4. (xx)

Step 2: The company owners should partner with an (xx ) bank which will do the following:

Step 2.1: Review the (xx) study and fine-tune it.

Step 2.2: If convinced, submit the documentation to the relevant (xx) in the country

Step 2.3: If approved, the bank should launch an (xx) using the (xx) or (xx) method.

Step 3: Then, a (xxx) is elected by the share holders

Step 4: The Board of Directors hires executive (xxx) to run the company on

subject corporate governance

fill the blanks where (x's) and explain fully