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As per section $464$ of the Companies Act, $2013$ , no association or partnership consisting of more than prescribed persons shall be formed for the purpose of carrying on any business, unless it is registered as a company or is formed under any other law for the time being in force. The number of persons which may be prescribed under this section shall not exceed ___. Rule $10$ of Companies (Miscellaneous) Rules, $2014$ prescribes _ persons in this regard.

A

10; 20

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B

100; 50

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C

20; 10

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D

50; 100

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Solution

The correct option is B $100; 50$
According to the Companies Act,2013 the maximum numbers of persons which can be admitted as a partner in a partnership firm is set 100 and in no case this number can be exceeded unless or until the firm is governed as a company or operates under any other law. Moreover, the new Companies Act,2014 prescribes 50 maximum partners in a partnership firm.

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