A partnership can have maximum 50 partners. This limit has been set by the:

The correct option/answer is Central Government.

Let's understand the legal provisions behind this limit step-by-step:

1. The Limit on Partners:
According to Section 464 of the Companies Act, 2013, the maximum number of partners in a partnership firm or association of persons cannot exceed 100. However, this section does not set the specific limit itself; instead, it delegates the authority to prescribe the exact limit to the Central Government, subject to that maximum of 100.

2. Role of the Central Government:
Using the power granted by the Companies Act, 2013, the Central Government prescribed the specific limit under Rule 10 of the Companies (Miscellaneous) Rules, 2014. According to this rule, the maximum number of partners in a partnership firm is restricted to 50.

3. Why other options are incorrect:
- Indian Partnership Act, 1932: Surprisingly, this Act does not specify the maximum number of partners in a partnership firm.
- Indian Contract Act, 1872: This Act governs the general principles of contracts in India and does not prescribe partnership limits.
- State Government: State Governments do not have the jurisdiction to set or modify this limit under the Companies Act rules.

Therefore, the limit of 50 partners has been set by the Central Government under the Companies (Miscellaneous) Rules, 2014.