Ajay manish are two friends anjay claims that joint hindy family business also like Partnership but difference partner are members of same family. Manish claims it to be falls & says that there many other difference • Who of the tus is right? clarify the difference between partnership & joint hinder family business atleast three.
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don,t know tha answer of this quastion sorry
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Out of Ajay and Manish, Manish is correct.
Apart from the one difference mentioned by Ajay, there are many other differences between a Partnership firm and Joint Hindu Family. These differences are as follows:
- FORMATION- Partnership is formed by an agreeable contract made by the partners. But Joint Hindu Family is made by the law through which it is governed and agreement between the members are not required.
- ENTRY OF NEW PERSON- In partnership new member is only admitted after the consent of all the partners are taken. The admission of new should be mentioned in the contract formed. In Joint Hindu Family, as soon as the member is born he automatically becomes the part of the Joint Hindu Family.
- Insolvency- Partnership firm is dissolved if any member of the contract dies. Joint Hindu Family is not affected by the death of any of it's member.
- Women- In partnership firm any women can be a partner but in case of Joint Hindu Family no women is allowed to take part in the business.
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