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The Partnership Act, 1932
What is the maximum number of partners allowed in a banking partnership firm under the Companies Act, 2013?
A banking partnership firm cannot have more than 10 partners; exceeding this limit makes it an illegal association.
What is the minimum number of persons required to form a partnership under the Partnership Act, 1932?
Minimum two persons are required to form a partnership.
Under the Partnership Act, 1932, what is the definition of a partnership?
Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
Under the Partnership Act, 1932, what is the maximum number of partners allowed in a non-banking firm?
Maximum 50 partners are allowed in a non-banking firm.
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