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The maximum l...

Question

The maximum limit on the number of members of a Joint Hindu family carrying on family non-banking business is ________.

A

10

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B

20

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C

50

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D

no limit

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Solution

The correct option is C no limit
Family non-banking business is the one which is done by a single family for their own need and are far away from providing any banking facility.
Again companies act 2013 has stated about such partnerships that there is no limit for partner when talked about partnership firms carrying on such business. This is all because a family business is separate from businesses meant for society and profit earners and thus government has no rights on them.

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Q. A Hindu undivided family consisting of 11 major members and 2 minor members, carries on a family banking business.
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