the maximum number of partner allowed in banking business
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The new Companies Act 2013 has prescribed the maximum number of members in case of a partnership firm should not be more than 100 in case of partnerships. As per the previous Companies Act 1956, the maximum limit in case of partnerships was 10 and 20 for banking business and other businesses respectively.
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nAnswer: (b) The minimum number of partners needed to start a partnership firm is two while the maximum number is ten, in case of banking industry and twenty in case of other businesses.☺
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