If they'd like to operate as a sole proprietorship with unlimited liability, perhaps. If they'd like to operate as a virtual person that insulates personal ass

If they'd like to operate as a sole proprietorship with unlimited liability, perhaps. If they'd like to operate as a virtual person that insulates personal assets from liability, then the society that grants such a charter absolutely should get to put boundaries on what, as a collective deployer of potentially significant capital, that business is allowed to do.