Question

Joint Hindu family business aim&objective?

Answer 1

Hey mate ☺
It refers to a form of organization wherein the business is owned and carried on by the members of the Hindu Undivided Family (HUF) .The aims are➡
✴Formation - there should be at least two members in the family and ancestral property to be inherited by them.
✴Liability - The liability of all members is limited except karta .
✴Control - The control of the family business lies with karta .
✴Continuity- The business continues even after the death of karta or it can be terminated with the mutual consent of the members .
✴Minor Members- The inclusion of an individual into business occurs due to birth in a Hindu undivided family. Hence minors can also be members of the business.


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