A partnership can have maximum 50 partners. This limit has been set by the:

Central Government

The correct answer is Option 4- Central Government.

The limit of maximum 50 partners in the partnership firm has been set by the Central Government.

In order to form partnership, there should be at least two persons coming together for a common goal. In other words, the minimum number of partners in a firm can be two. There is however, a limit on their maximum number. By virtue of Section 464 of the Companies Act 2013, the Central Government is empowered to prescribe maximum number of partners in a firm but the number of partners can not be more than 100. The Central government has prescribed the maximum number of partners in a firm to be 50.