Question

Distinguish between the Joint Hindu Family firm and Partnership.

Answer 1

In joint Hindu family only the members in the family are allowed in the firm. Whereas in partnership any two people can become partners. In JH family there are many people involved with the head of the firm known as the karta. In partnership there are only two people and not a group

Answer 2

The difference between Joint Hindu family firm and Partnership can be explained as follows:

Joint Hindu Family Firm:

• Meaning: It refers to the business which is being carried out by the Hindu family jointly inherited by them.

• Governing Act: It is being governed by the Hindu Law.

• Liability: Karta has unlimited limited whereas other coparceners have limited liability.

Partnership:

• Meaning: It refers to the business arrangement in which two or more partners come to an agreement known as partnership deed for sharing of profits and losses.

• Governing Act: It is being governed by the Indian Partnership Act, 1932

• Liability: The partners have unlimited and joint liability.

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