close

464. Prohibition of association or partnership of persons exceeding certain number

no thumb
Want create site? Find Free WordPress Themes and plugins.

(1) No association or partnership consisting of more than such number of persons as may be prescribed shall be formed for the purpose of carrying on any business that has for its object the acquisition of gain by the association or partnership or by the individual members thereof, unless it is registered as a company under this Act or is formed under any other law for the time being in force:

Provided that the number of persons which may be prescribed under this sub-section shall not exceed one hundred.

(2) Nothing in sub-section (1) shall apply to—

(a) a Hindu undivided family carrying on any business; or

(b) an association or partnership, if it is formed by professionals who are governed by special Acts.

(3) Every member of an association or partnership carrying on business in contravention of sub-section (1) shall be punishable with fine which may extend to one lakh rupees and shall also be personally liable for all liabilities incurred in such business.

Did you find apk for android? You can find new Free Android Games and apps.
0
Connecting
Please wait...
Send a message

Sorry, we aren't online at the moment. Leave a message.

Your name
* Email
* Phone
Begin Online Chat Now

Need help? Save time by starting your support request online. Simply, enter your Name, Email & Phone no. to begin online Chat Help Service.

* Your name
* Email
* Phone
We're online!
Feedback

Help us help you better! Feel free to leave us any additional feedback.

How do you rate our support?