@Sam-Vishwas
The bottom line is simply this:
Since a sole proprietorship is legally indistinct from its owner, a corporation (C or S) cannot own a sole proprietorship (it would be as if the corporation "owned" the individual and the fact that the individual does business under an assumed name is largely irrelevant).
Of course, you can transfer assets (tangible and intangible) you own to the corporation, but that is a different matter and, regardless, you should absolutely seek professional tax guidance for this matter.
EDIT: You did not mention whether or not you made an S corporation election by filing Form 2553 (see link below), @Sam-Vishwas, which is yet another variable and reason to consult, in person, with a tax professional.
https://www.irs.gov/instructions/i2553#idm139855003386720
