A group of 40 People wants to form a Partnership Firm. They want your advice regarding the maximum number of persons that can be there in a partnership firm and the name of the act under whose provisions it is given.
The Companies Act, 2013 (Section 464) empowers the Central Government to prescribe a number of partners in a firm subject to a maximum of 100 Partners. The Central government has prescribed a maximum number of partners in a firm to…