GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Section ____ of the____ restricts the maximum number of members in partnership to 10 in case of banking firms and 20 to carry on any other business in partnership
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4, Indian Companies Act, 1932
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4, Indian Companies Act, 1956
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11, Indian Partnership Act, 1932
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11, Indian Partnership Act, 1956
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Explanation:
Detailed explanation-1: -According to section 11 of the Companies Act, 1956 a partnership for a banking business must not have more than 10 partners and for other business it must not exceed 20.
Detailed explanation-2: -Maximum no. of partners in a partnership firm is 50.
Detailed explanation-3: -As per the Companies Act, 2013 the maximum number of members in a partnership firm is 100. The minimum number of partners should be atleast 2. The maximum number of members for a firm carrying banking business is 10.
There is 1 question to complete.