Question

Difference between hindu undivided family and firm

Answer 1

Explanation:

HUF is a unique form of business existing only in India and is governed by the provisions of the Hindu Law. ... The firm is owned by the members of undivided Hindu family, called co-parceners. The business of an HUF is managed by the senior-most male member, also known as Karta or Manager.

Answer 2

Hindu undivided family and firm:

• Hindu undivided family is a comprehensive family plan. This family arrangement prevalent all over the Indian subcontinent, chiefly in India, involving many generations living in the same household, all bound by the common association.

• Joint Hindu Family Business is a diverse type of organization, which originates only in India. As the name indicates, it is the type of association in which all the members of the Hindu Undivided Family manage and regulate the business with the way of head of the family. It is not a Partnership.

Hope it helped...