https://www.taxtmi.com/acts?id=12283 Section 11 bars formation of associations, partnerships or companies beyond specified member thresholds unless registered under the Act or another Indian law; ten persons for banking businesses and twenty persons for other profit-seeking businesses. Joint families and minor family members are excluded for counting. Members of entities formed contrary to these limits are personally liable for all business liabilities and each is punishable by a fine which may extend to ten thousand rupees. en-us Wed, 04 May 2011 17:31:04 +0530 Wed, 04 May 2011 17:31:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12283 Section 11 bars formation of associations, partnerships or companies beyond specified member thresholds unless registered under the Act or another Indian law; ten persons for banking businesses and twenty persons for other profit-seeking businesses. Joint families and minor family members are excluded for counting. Members of entities formed contrary to these limits are personally liable for all business liabilities and each is punishable by a fine which may extend to ten thousand rupees. Act-Rules Companies Law Wed, 04 May 2011 17:31:04 +0530 https://www.taxtmi.com/acts?id=12283