Question

Is there any restriction on maximum number of partners? If yes, name the Act under which it is prescribed.

Answer 1

There is no maximum number of partners prescribed in The Partnership Act but according to section 464,Rule 10 of Companies Miscellaneous Rules 2014,Maximum number of partners is 100.

According to section 11 of the Companies Act, a partnership for a banking business must not have more than 10 partners and for other business it must not exceed 20.