Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:
Which Act specified the maximum no of partners in a partnership firm?
Options:
Companies Act,2013
Indian Partnership Act,1932
Indian Contract Act,1872
Banking Regulation Act,1949
Correct Answer:
Companies Act,2013
Explanation:
Companies act,2013 empowered the Central govt to prescribe the maximum no of partners in a firm but the no of persons cannot be more than 100. Central govt has prescribed this limit to 50.