MANAGEMENT

Detailed explanation-1: -A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.

Detailed explanation-2: -According to the Companies Act, 2013, the minimum number of members required to form a partnership business is 2 while the maximum number of members can be 100 and not more than that.

Detailed explanation-3: -What is a partnership? A partnership exists therefore where two or more people (or Companies) combine together in business. There is a statutory maximum of 20 partners but there are many permitted exceptions to this including solicitors, Accountants, Estate Agents etc.

Detailed explanation-4: -Minimum two persons are required to start a partnership firm as partnership can only be done when two or more people are involved while in banking business, minimum 10 persons are required to join hands to establish a partnership firm.

Detailed explanation-5: -Maximum no. of partners in a partnership firm is 50.