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Business Studies

Types of Partners , Partnership and Companies

The maximum l...

Question

The maximum limit of partners in a partnership firm is specified in ______________________.

A

The Indian Partnership Act, 1932

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B

The Indian Contract Act, 1872

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C

The Companies Act, 2013

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D

The Companies Act, 1956

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Solution

The correct option is D The Companies Act, 2013
The new Companies Act, 2013 has prescribed the maximum number of members in the case of a partnership firm, viz not exceeding 100. Previously the Companies Act, 1956 prescribed the maximum limit in the case of partnerships, viz 10 for banking business and 20 for others.

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