Match List I with List II in context of partnership firm.
| LIST I |
LIST II |
| A) 2 person | I) Maximum no of people allowed in a partnership firm |
| B) 50 person | II) Central Government is empowered to prescribe maximum number of partners in a firm but the number of partners can not be more than...... |
| C) 100 person | III) Minimum no of people required to form a partnership firm |
Answer & explanation
Correct answer: option 3
The correct answer is option 3- A-III, B-I, C-II.
| LIST I |
LIST II |
| A) 2 person | III) Minimum no of people required to form a partnership firm |
| B) 50 person | I) Maximum no of people allowed in a partnership firm |
| C) 100 person | II) Central Government is empowered to prescribe maximum number of partners in a firm but the number of partners can not be more than...... |
A) 2 persons- Minimum number of people required to form a partnership firm (III).
B) 50 persons- Maximum number of people allowed in a partnership firm (I).
C) 100 persons - 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 government may prescribe a lower number (II).
** 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.