Question

A group of 40 peoples wants to form a partnership firm.They want your advice regarding the maximum number of partnership firm and the name of the Act under whose provision it is given.​

Answer 1

Answer:

As per Indian Companies Act, 2013 a Partnership firm can have maximum 100 Partners. Though, it might sound strange but upper limit on number of partners are fixed under Companies Act and not in Partnership Act. So currently maximum limit is 100 in case of non banking company.

Explanation:

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