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Number of partners in partnership firm.
According to The Partnership Act 1932 and Maharashtra board text book maximum number of partners in partnership firm is given 20 for trading business and 10 for banking business. Companies Act 2013 states maximum number of 50 partners. Question is what is correct is it 20 or 50?
Replies (1)
Dear Aditya,
Partneship Act do Not state Maximum No of Partners is required to carry on Partnership . There for Companies Act 2013 on illegal Association states that if the No of Partners exceed than 50.
companies act restriction is preferred.
but that restriction does not apply to
1) professional Partneship firm like CA,CS,CWA, Lawyers etc.
2) Not for profit making concern
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