We prove new upper bounds for the number of representations of an arbitrary rational number as a sum of three unit fractions. In particular, for fixed m there are at most ${\cal O}_{\epsilon }(n^{{3}/{5}+\epsilon })$ solutions of ${m}/{n} = {1}/{a_1} + {1}/{a_2} + {1}/{a_3}$. This improves upon a result of Browning and Elsholtz (2011) and extends a result of Elsholtz and Tao (2013) who proved this when m=4 and n is a prime. Moreover, there exists an algorithm finding all solutions in expected running time ${\cal O}_{\epsilon }(n^{\epsilon }({n^3}/{m^2})^{{1}/{5}})$, for any $\epsilon \gt 0$. We also improve a bound on the maximum number of representations of a rational number as a sum of k unit fractions. Furthermore, we also improve lower bounds. In particular, we prove that for given $m \in {\open N}$ in every reduced residue class e mod f there exist infinitely many primes p such that the number of solutions of the equation ${m}/{p} = {1}/{a_1} + {1}/{a_2} + {1}/{a_3}$ is $\gg _{f,m} \exp (({5\log 2}/({12\,{\rm lcm} (m,f)}) + o_{f,m}(1)) {\log p}/{\log \log p})$. Previously, the best known lower bound of this type was of order $(\log p)^{0.549}$.