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Define 'Joint Hindu family'. Explain the features of a joint Hindu family firm. |
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Answer» Definition : A Joint Hindu Family Business is a family concern that operate under the provisions of the Hindu Law and Hindu Succession Act 1956. It may be defined as a business organisation which is inherited or owned, conducted and managed by the members of a Hindu undivided family pointly under the direction and control of the senior most member of the family called karta for earning profits. Features : 1. Formation : It is formed as per the Hindu law. Each member becomes coparcener by birth . 2. Karta and coparcener : The senior most member of joint Hindu Family becomes karta and other members coparcener. 3. Membership : The membership of Joint Hindu Family firm is unlimited 4. Management : Karta is only manager, controller and co-ordinator of the business managing it in the interest of coparceners. 5. Joint ownership : The property of Joint Hindu Business is jointly owned by the three generations after him. |
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