Practicing Success
The maximum number of partners in a firm is fixed at 50 by____________ |
Companies Act 2013 Central Government Partnership Act 1932 None of the above |
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 cannot be more than 100. The Central government has prescribed the maximum number of partners in a firm to be 50. |