: Which ACT governs Partnership firms in India ?
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The Indian Partnership Act, 1932
The Central Government has prescribed maximum number of partners in a firm to be 50 vide Rule 10 of the Companies (Miscellaneous) Rules,2014. Thus, in effect, a partnership firm cannot have more than 50 members".
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In India, partnerships are governed by the Indian Partnership Act 1932 (the Act). Limited liability partnerships (LLPs) are governed by the Limited Liability Partnership Act 2008 (the LLP Act).
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