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Partnership firm

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(Querist)
25 November 2014 why does partnership firm has a limit of 10 and 20 partners in banking and non banking business respectively?
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Amol S Joglekar

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Amol S Joglekar (Expert)
26 November 2014 It is a time old provision. The reason for keeping the limit was to restrict the SIZE. A bigger size should go in for COMPANY form.
Now between banking and non banking, the then expectation was NOT to let economic power concentrate in few HANDS,
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