Question

method and methodology of joint hindu family business

Answer 1

# Joint Hindu Family business is governed by Hindu Law. All business affairs are dealt with by the senior most male member of the Hindu family. This member is referred to as Karta.

# The Karta can consult other family members regarding decisions to be taken, but the final decision is his.

# The Karta can make outside dealings by himself, but others can do so only if the Karta gives his permission.

# The liability of other partners or co-parceners in the business is limited. The co-parceners are usually other male members in our family.

# There are two kinds of Joint Hindu Family Businesses – Mitakshara and Dayabhagha. In Mitakshara, only male members are entitled to a share in the property whereas in Dayabhagha, both males and females have a right to the property share.