What is 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 is joint Hindu family business explain any two features?

Characteristics of Joint Hindu Family Business:

There should be at least two male members in the family to form a HUF. Ancestral property should have been inherited by members of HUF. All of the members enjoy this property and have an equal share in that property.

What is joint Hindu family business explain its merits?

It refers to a form of organization wherein the business is owned and carried on by the members of the Hindu Undivided Family (HUF). It is governed by the Hindu Law, which is one of the several religious laws (personal laws) prevalent in India. The firm is created by the operation of law.

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.

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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:

Why is the joint Hindu family unique?

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 business of Joint Hindu Family is controlled under the Hindu Law instead of Partnership Act.

Who comes under Hindu undivided family?

Hindu Undivided Family (HUF) consists of all persons directly descended from a common ancestor, and also the wives and daughters of the male descendants. For instance, you and your spouse along with your two children can create an HUF and get certain relaxation in computation of taxes.

Can husband and wife form HUF?

To create HUF, at least two coparceners are required either son or daughter. Therefore only husband and wife cannot create an HUF, unless the property has been received by a coparcener on partition or otherwise. However, there is no impediment to starting a new HUF by gift from family members.

What is the disadvantages of joint Hindu family business?

Misuse of Power:

The management of a Joint Hindu Family Business is centralised in the hands of Karta of the family. No other member can interfere in his management. This may lead to the misuse of power and the Karta may use the power for his personal interest.

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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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