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of <h1>Section 11: Register as a company if over 10 in banking or 20 in business to avoid personal liability.</h1> Section 11 of the Companies Act, 1956, mandates that any company, association, or partnership with more than ten persons engaged in banking or more than twenty persons engaged in any other profit-oriented business must register as a company under this Act or other applicable Indian laws. This provision excludes joint family businesses, where minor members are not counted towards the total number of persons. Violating this requirement results in personal liability for business debts and a fine of up to ten thousand rupees for each member involved in such an unregistered entity.
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