Question

Partnership is governed by Partnership Act, $1932$. Whereas a Company is governed by __________.

• A. The Companies Act, $1958$
• B. The Companies Act, $2013$
• C. The Companies Act, $2017$
• D. The Companies Act, $1975$

Answer 1

Answer: (B)

The Companies Act, $2013$

The Companies Act 2013 is an Act of the Parliament of India on Indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company And in this act. The new Companies Act 2013 has prescribed the maximum number of members in case of a partnership firm should not be more than 100 in case of partnerships. As per the previous Companies Act 1956, the maximum limit in case of partnerships was 10 and 20 for banking business and other businesses respectively.