29.2.10- Companies (Miscellaneous) Rules, 2014

10. Association or partnership of persons exceeding certain number. –

No association or partnership shall be formed, consisting of more than fifty persons for the purpose of carrying on any business that has for its objects the acquisition of gain by the association or partnership or by individual members thereof, unless it is registered as a company under the Act or is formed under any other law for the time being in force.