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Question
The maximum number of partners in a firm carrying on banking business cannot exceed:
The maximum number of partners in a firm carrying on banking business cannot exceed:
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Solution
The correct option is A 10
Banking business are those which provide banking features just like any other government or private bank. And as per companies act 2013, the partners for a partnership banking buisness are restricted to 10 only. If partners exceed above 10, any individual can report against it and may issue a charge for the offence and thus the business would be an illegal entity.
Banking business are those which provide banking features just like any other government or private bank. And as per companies act 2013, the partners for a partnership banking buisness are restricted to 10 only. If partners exceed above 10, any individual can report against it and may issue a charge for the offence and thus the business would be an illegal entity.
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