Question: What do you mean by joint Hindu family business explain its features?

Joint Hindu Family Firm is created by the operation of law. It does not have any separate and distinct legal entity from that of its members. … The membership in this form of business organisation can be acquired only by birth or by marriage to a male person who is already a member of Joint Hindu Family.

What do you mean by joint Hindu family explain two features?

It is controlled by the head of the family known as the karta and the other family members are known as the co-parceners. The karta has unlimited liability. A person becomes a member of HUF by birth. Even a minor is its member. Also a female member can also become its Karta.

What are the features and merits of joint Hindu family?

Features/Characteristics of the Joint Hindu Family Business

it՚s not created by an agreement among family members. Management: The management vests in the Karta, the eldest member of the family. The Karta may associate other members of the HUF to assist him. Liability: The Karta has unlimited liability.

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What is joint Hindu family form of business organisation?

The Joint Hindu Family (JHF) business is a form of business organisation run by Hindu Undivided Family (HUF) , where the family members of three successive generations own the business jointly. … All of them have equal ownership right over the properties of the business.

What are the unique qualities of Hindu joint family?

Characteristics of a Joint Hindu Family Business:

  • Governed by Hindu Law: The business of the Joint Hindu Family is controlled and managed under the Hindu law. …
  • Management: …
  • Membership by Birth: …
  • Liability: …
  • Permanent Existence: …
  • Implied Authority of Karta: …
  • Minor also a Partner: …
  • Dissolution:

What are the features of Jhf?

Characteristics of a Joint Hindu Family Business:

  • Governed by Hindu Law: The business of the Joint Hindu Family is controlled and managed under the Hindu law.
  • Management: …
  • Membership by Birth: …
  • Liability: …
  • Permanent Existence: …
  • Implied Authority of Karta: …
  • Minor also a Partner: …
  • Dissolution:

What is joint Hindu family business explain its merits and demerits?

Easy to Start: -Joint Hindu Family business is very easy to form. It comes into existence as per Hindu law. Family members become co-parceners in the firm by virtue of their birth in the family. Moreover no registration is required for a Joint Hindu Family firm respect of minimum or maximum members.

What are the merits and demerits of joint family?

Merits and Demerits of Joint Family System in India (1572 Words)

  • Division of Labour: Joint family secures the advantages of division of labour. …
  • Economy in Expenditure: …
  • Protection from Division of Land: …
  • Social Security: …
  • Satisfaction of Basic Needs: …
  • Rearing of Children: …
  • Social Virtues: …
  • Social Control:
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What are advantages and disadvantages of joint Hindu family business?

The whole power of Joint Hindu family business lies in the hands of Karta. Full power is centralized in the hands of Karta. No other member can interfere in Karta decisions. Karta may misuse his power & take decisions according to his interest.

What are the advantages of joint Hindu family business?

Merits of Joint Hindu Family Firm:

  • Stability: The existence of the Joint Hindu Family firm does not come to an end by the death, insanity, or bankruptcy of any coparcener.
  • Management: The organisation, management, and control of the business is vested in the karta of the family. …
  • Liability: …
  • Membership: …
  • Credit worthiness:

What are the advantages of joint family business?

Effective control and Prompt Decision Making:

The. This avoids conflicts among members as no member can interfere with his right of karta to take a decision. The prompt decisions help the business to grab opportunities. Secrecy: In Joint Hindu Family Business, all the decisions are taken by the ‘Karta’ himself.

How many types of joint are there in Hindu family business?

Here the liability of Karta is unlimited & rest all have liability as per their share in the business. Membership in business is acquired either by birth in family or marriage to a male member of the family. There are basically 2 types of joint Hindu family business: Mitakshara & Dayabhagha.

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