As per the Companies Act, 2013, the Central Government has prescribed the maximum number of partners in a partnership firm to be 50.
This limit applies to partnership firms carrying on business for profit. If the number of partners exceeds 50, the firm must be registered as a company under the Companies Act, 2013.
Previously, under the Companies Act, 1956, the limits were much lower (10 partners for banking business and 20 partners for other businesses). However, these restrictions were revised, and the current maximum limit is 50 partners for all types of partnership firms.
Correct Answer: Option 3 (50)