The maximum limit for the number of partner is decided by...........

Central Government

The correct answer is option 4- Central Government.

The maximum limit for the number of partner is decided by Central Government.

NCERT : 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.

Note: There is a confusion among students as to why the answer is not Option 3: Companies Act 2013 - as the Act only prescribes the maximum limit without it the central government could not have fixed a limit as the act only gives it the right to fix the limit. 

The Companies Act, 2013 provides the legal framework by empowering the Central Government to prescribe the maximum number of partners and also sets an upper cap (not exceeding 100). Without this provision, the Central Government would not have the authority to fix any limit. However, the Act does not itself specify the exact number; it leaves the final decision to the Central Government so that the limit can be adjusted as per changing economic needs. Thus, the Act provides the legal authority, while the Central Government actually exercises that authority to fix the current limit at 50 partners.