Question

describe the joint Hindu family business and its features​

Answer 1

Explanation:

Meaning of Joint Hindu Family Business

• 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.

Characteristics of Joint Hindu Family Business:

Formation

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.

Thus, any child taking birth in that family becomes a member of the HUF.

• There is no requirement for an agreement to become a member.

Liability

• There is limited liability of all the members or co-parceners in the Hindu Undivided Family business.
• All the co-parceners have equal rights and shares in the property of Hindu Undivided Family business
• The Karta has unlimited liability.

Control

• Karta is the person who has full control over the Hindu Undivided Family business.
• Karta can take advice from all the members but he is not bound to accept their decisions.

Continuity

• After the “Karta” is deceased, the very next eldest member takes up the position of Karta in Hindu Undivided Family business.
• The business can be divided and ended up by the mutual consent of the members.

Minor Members

• The person who has taken birth in Hindu Undivided Family can be a member of the family business.
• Therefore, a minor can also be a member of the family.

Answer 2

Answer:

a business which continues from one generation to another generation is known as joint Hindu family business this is a special form of business organisation which noises only in India but the family is the end of the business also he is known as karta and the members are known as co parceners

Explanation:

formation

governed by Hindu law

membership

management

profit sharing

liability

continuity

accounts