No, there is no restriction regarding same in The indian Partnership Act, 1932.
As per Section 464 of The Companies Act, 2013 ) "No association or partnership consisting of more than such number of persons as may be prescribed shall be formed for the purpose of carrying on any business that has for its object the acquisition of gain by the association or partnership or by the individual members thereof, unless it is registered as a company under this Act or is formed under any other law for the time being in force "
So, if you have a more than 50 Partners than you have to compulsorily convert your firm into PVT. LTD.
As per section 464 "Provided that the number of persons which may be prescribed under this sub-section shall not exceed one hundred."
it means Goverment have a power to prescribed the limits up to 100 partner. But currently prescribed limit by Government is 50 Partners only. (refer rule 10 of The Companies (Miscellaneous) Rules, 2014)
Section 464 is applicable to all firm except " partnership firm , if it is formed by professionals who are governed by special Acts." So, above restriction of 50 Partners is not applicable to professional firms like CA /CS/advocate firms ect. But it's subject to any limitations given in respective Act governing such profession.
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