Needs answers for following question related to partnership
what is the limit for number of partners in partnership firm in punjab or chandigarh?
what will be the minimum/maximum capital limit?
what type of business will not be done by partnership firm other than banking?
Hi,
As per my knowledge,Partnership Act, 1932 applied for all states. There is no restrain on number of partner as per patnership Act, 1932 but as per Companies Act, 1956, section 11(1) and11(2) it provides
(1)No company, association or partnership consisting of more than ten persons shall be formed for the purpose of carrying on the business of banking, unless it is registered as a company under this Act, or is formed in pursuance of some other Indian law.
(2)No company, association or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any other business that has for its object the acquisition of gain by the company, association or partnership, or by the individual members thereof, unless it is registered as a company under this Act, or is formed in pursuance of some other Indian law.
so patner will be in case of Banking Business 10 and for others 20.
2. No Capital Limit.
3. Any other business contains all the business not resricted by any other Law.
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