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of <h1>Unregistered business groups over 100 members barred from profit-making partnerships; members face fines and personal liability</h1> Prohibits formation of any association or partnership exceeding the prescribed maximum number of persons for carrying on a business with the object of acquisition of gain, unless it is registered as a company under the Companies Act, 2013 or constituted under any other applicable law; the prescribed number cannot exceed 100, and non-registered bodies above that limit cannot lawfully carry on such gain-oriented business in that form. Exempts Hindu undivided families carrying on business and associations or partnerships formed by professionals governed by special Acts, so the numerical restriction does not apply to them. Imposes on each member of a contravening association or partnership a fine up to one lakh rupees and personal liability for all business liabilities incurred, thereby removing limited liability protections.
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