The Indian Partnership Act, 1932
The Indian Partnership Act, 1932 was enacted in India in 1932.
Provisions
Under section 44 of the act, a suit can be filed against the managing partner for dissolution of the partnership firm.Section.4 of the Indian Partnership Act, 1932 defines Partnership in the following terms:
" Partnership is 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.""Section 464 of the Companies Act, 2013 empowers the Central Government to prescribe maximum number of partners in a firm but the number of partners so prescribed cannot be more than 50.The Central Government has prescribed maximum number of partners in a firm to be 50 vide Rule 10 of the Companies Rules,2014.Thus, in effect, a partnership firm cannot have more than 50 members".