Prohibition of association or partnership of persons exceeding certain number The companies Act 2013



Posted on 22-03-2016        By ADMIN



Prohibition of association or partnership of persons exceeding certain number The companies Act 2013

 puts a restriction on the number of partners that can be admitted to a partnership at 100. To be specific, the 2013 Act states that no association or partnership consisting of more than the given  number of persons as may be prescribed shall be formed for the purpose of carrying on any business that has for its object the acquisition of gain by the association or partnership or by the individual members thereof, unless it is registered as a company under this 1956 Act or is formed under any other law for the time being in force: As an exception, the aforesaid restriction would not apply to the following: •

A Hindu undivided family carrying on any business •An association or partnership, if it is formed by professionals who are governed by special acts like the Chartered Accountants Act, etc.[section 464 of 2013 Act]

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