Converting Organization Into Private Limited Firm

Hi All,
I am working in a partnership firm which is converting itself into private Limited company by next month.I would like to know whether I should terminate all employees or either ask them all to resign so that new appointment letters can be handed over to them. Please guide, If the Termination is the option then what reason to be mentioned in termination letter and if resignation is the right option then what should I ask them to write in resignation letters.
Regards
Preeti

You don't have to do anything. Just issue a circular stating the change of status of the company and that all terms and conditions remain unchanged. That should suffice.