Q.What is the minimum and maximum number of members in a Partnership concern ?

Partnership, as defined by Section 4 of the Indian Partnership Act, 1932, 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. Five features flow from this definition and must all be present together: (1) an agreement — partnership is always created by contract, never by status or inheritance; (2) at least two persons, subject to a maximum of 10 for banking business and 50 for any other business; (3) an actual business being carried on, not mere co-ownership of property; (4) an intention to share the profits of that business; and (5) mutual agency — every partner can bind the firm, and is bound by …