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 A partnership firm having a banking business is a valid partnership when the number of partners exceeds: 
  • a)
    5 but does not exceed 10
  • b)
    10 But does not exceed 20
  • c)
    20 but does not exceed 50
  • d)
    20 but does not exceed 40
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
A partnership firm having a banking business is a valid partnership wh...
Earlier the Maximum Limit of Partners/Members was:-

In case of banking business – 10 
In case of any other business – 20
Now the same has been simplified and the limit has been raised to 50 Partners/Members for any business.
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Most Upvoted Answer
A partnership firm having a banking business is a valid partnership wh...
I think the right answer is option C
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A partnership firm having a banking business is a valid partnership when the number of partners exceeds:a)5 but does not exceed 10b)10 But does not exceed 20c)20 but does not exceed 50d)20 but does not exceed 40Correct answer is option 'A'. Can you explain this answer?
Question Description
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