Prohibition on unregistered associations: must register or form under other law or face fines and personal liability for liabilities. An association or partnership exceeding the prescribed member threshold carrying on business for gain must be registered as a company or formed under ... Summary
Prohibition on unregistered associations: must register or form under other law or face fines and personal liability for liabilities.
An association or partnership exceeding the prescribed member threshold carrying on business for gain must be registered as a company or formed under another law; exceptions include Hindu undivided families and professional associations governed by special Acts. Members of associations contravening the prohibition are liable to a statutory fine and are personally liable for all liabilities incurred in such business.
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