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Openai/68daa8d8-0204-8001-988b-c981f5194aa0
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===== - A partnership is not a company in legal terms. ===== * It is governed by the Indian Partnership Act, 1932. * Partners (minimum 2) come together to do business, and maximum is 20 partners (for banking business only 10). * Liability: Unlimited (partners’ personal assets can be used to pay debts). * Not a separate legal entity → partners and the firm are the same.
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