Question

Name the form of business organisation which is found only in India.

Answer 1

Answer:

The form of "business organization" which is only found in India is the "Joint Hindu Family". The "Joint Hindu Family" is controlled under "Hindu Law" instead of a partnership. In this firm, a member can acquire "membership only by birth" or "by marriage" to a male person who is "already a member" of the "Joint Hindu Family". The matters of a "Joint Hindu Family" are empowered and directed by one person who is known as "Karta" or "Manager". The 'Karta' or 'Manager' is the "senior most male member" of the family.

Answer 2

Explanation:

“Joint Hindu family business” is in the “form of business organization” which is found only in ‘India’. “Joint Hindu family business” is a business that is owned by members of a ‘joint Hindu family’.

It is also called Hindu Undivided Family Business. This form of organization works under the Hindu Act and is controlled by the succession act. The merits and demerits of “Joint Hindu family business” are as follows:

Merits:

1) Organisation facilities.

2) Continuity of work.

Demerits:

1) It is limited to a joint Hindu family.

2) Relatively limited capital.

3) Limited managerial capacity.

4) Unlimited liability of the subject.