A partnership can have maximum 50 partners. This limit has been set by the
- Central Government
- State Government
- Indian Contract Act, 1872
- Indian Partnership Act, 1932
The Correct Option is A
Approach Solution - 1
The maximum limit of 50 partners in a partnership is determined by the Central Government.
The partnership is governed by regulations that are influenced by several governmental and legal entities. For understanding the limitation on the number of partners, the key factor is the legislative authority.
The correct choice given the options is the Central Government, which sets regulatory guidelines overseeing the maximum partner limit in a partnership to ensure streamlined business operations and compliance with the law.
Approach Solution -2
Under the Indian Partnership Act, 1932, a partnership firm can have a maximum of 20 partners. However, this limit can be extended to 50 partners under the provisions of the Companies Act.
The law also allows a partnership firm to have more than 20 but not more than 50 partners if the firm is registered under the Companies Act and if the partnership business involves professionals like lawyers, doctors, etc. The limit of 50 partners is set by the Central Government.
Therefore, the correct answer is: (1) Central Government
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