Joint Hindu family business methodology
Answers
The Joint Hindu Family Business is an affectionate business and distinct form of organization peculiar to India. The operation of law creates a joint Hindu Family Business. It does not have any separate and distinct legal entity from that of its members.
The Joint Hindu Family business is controlled under the Hindu Law instead of the Partnership Act. The membership in this form of business organization can be acquired only by birth or by marriage to a male person who is already a member of the Joint Hindu Family.
“When two or more families agree to live and work together, throw their resources and labor with joint stock and share profits and the losses together, then this family is known as composite family.”
Answer:
joint Hindu family business is governed by Hindu law.all business affairs are dealth with by the senior most male member of the Hindu family