Karta is the sole manager of joint Hindu family business - justify
Answers
Answer:
Article 236 of the Mulla Hindu Law defines "Karta" as follows: Manager - Property belonging to a joint family is ordinarily managed by the father or other senior member for the time being of the family: The Manager of a joint family is called Karta. In a HUF, the responsibility of Karta is to manage the HUF property.
Explanation:
1) There is a unique form of business which has been originated in India. It exists in India only. It is known as Joint Hindu Family Firm(JHFF). The business is owned by the head of the family who is known as karta and the members of the family as members are called as coparceners.
2) KARTA is teh custodian of the joint property. The liability of Karta is unlimited. The Joint Hindu Family Business is managed by Karta. Karta may consult the members of the family while taking any business decision.
3) Karta takes utmost care of their interest. Karta has experience and knowledge of the family business. Karta always faces the risk of unlimited liability. Property of Karta is used for payment of business liabilities.
4) Karta may or may not posses expert managerial skill. Karta is the manager of this business. He uses his knowledge and skill for running business successfully. The rewards are distributed among all coparceners.
Hence, Karta is the sole manager of Noint Hindu Family Business.
According to marking pattern this length of answer is sufficient to score full Marks in justify.