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Celling no of partners.

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(Querist)
08 February 2011 In the provision of partnership Act 1932 it is stated that maximum no of partners who can be partner in partnership firm are 10 for banking business & 20 for non banking business.Does it mean that 10 partners can start banking firm in india? If the answer is no,then what is the meaning of such provision?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
08 February 2011 The term is "Partner" is not limited to
Individuals only.
Even two banking companies may enter into partnership to carry on business of banking in jointly.

By the prescribed number we may understand that such eligible partners number should not exceed 10.
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