CUET CUET Accountancy 2024 - A partnership can have maximum 50 partners. This limit has been set by the: | PYQs + Solutions

CUET Accountancy 2024

Accountancy

Accounting for Partnership

Hard

A partnership can have maximum 50 partners. This limit has been set by the:

Indian Partnership Act, 1932

State Government

Indian Contract Act, 1872

Central Government

Correct Option: 4

The Partnership Act doesn't set the limit. The Companies Act sets it. Yes, confusing.

Under the Companies Act, 2013, the maximum number of partners in a partnership firm is capped at 50, as specified in Rule 10 of the Companies (Miscellaneous) Rules, 2014. This limit does not apply to professional associations governed by special laws, such as those of chartered accountants or lawyers.

Hence, the most apt option would be Central Govt.

CUET Accountancy 2024 PYQs

A partnership can have maximum 50 partners. This limit has been set by the:

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