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What is the maximum number of partners allowed in a partnership firm for banking business in India?

Submitted by LegalWizin on Wed, 01/13/2021 - 03:33

Partnership Act has not provided any limit for the maximum number of Partners. But according to Companies Act 2013, the maximum number of partners allowed for any business activities is 50. If in any case the number of members increases the limit than such entity must be registered as company under Companies Act 2013.