[amp_mcq option1=”The Partnership Act, 1932″ option2=”The Companies Act, 1956″ option3=”The Contract Act, 1872″ option4=”None of the above” correct=”option4″]
The correct answer is: D. None of the above
The Partnership Act, 1932 does not specify a maximum number of partners in a firm. The Companies Act, 1956 specifies a maximum of 200 partners for a private company and 500 partners for a public company. The Contract Act, 1872 does not deal with partnerships.
The Partnership Act, 1932 is an Act to amend and codify the law relating to partnerships. It came into force on 1st April 1933. The Act defines a partnership as “the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”. The Act also provides for the formation, dissolution, and winding up of partnerships.
The Companies Act, 1956 is an Act to consolidate and amend the law relating to companies. It came into force on 1st April 1956. The Act defines a company as “a company formed and registered under this Act or under any previous company law”. The Act also provides for the formation, management, and winding up of companies.
The Contract Act, 1872 is an Act to codify the law of contract. It came into force on 1st September 1872. The Act defines a contract as “an agreement enforceable by law”. The Act also provides for the formation, validity, and performance of contracts.