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In India Joint Hindu Family Business is a distinct form of organisation. A person can become member by his birth. What are the features of Joint Hindu Family Business? Explain any five features? |
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Answer» Features of Joint Hindu Family Business are: 1. Governed by Hindu Law 2. Management 3. Membership by birth 4. Liability 5. Permanent existence 6. Implied authority of Karta 7. Minor as a co – parcener 8. Dissolution Explanation: 1. Governed by Hindu law: The business of the Joint Hindu Family is controlled and managed by the hindu law. 2. Membership by birth: The membership of the family can be acquired only by birth. As soon as a male child is bom in the family, the child becomes a member. 3. Liability: Except the Kartha, the liability of all other members is limited to their shares in the business. 4. Minor also as a co-parcener: In a Joint Hindu Family firm even a new bom baby can be a co-parcener. 5. Dissolution: It can be dissolved only at the will of the members of the family. |
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