Define joint hindu family firm.
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It refers to a form of business organization which is owned and carried on jointly by the members of the Hindu Undivided Family (HUF). It is also known as Hindu Undivided Family Business.
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Joint Hindu family firm is an organization which is carried on by the members of a joint hindu family. It is governed by the Hindu Succession Act, 2005. 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.
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