Question

Needs and importance of JHFB

Answer 1

Hey There! The Joint Hindu Family Business is a distinct form of organisation peculiar to India. Joint Hindu Family Firm is created by the operation of law. It does not have any separate and distinct legal entity from that of its members. The business of Joint Hindu Family is controlled under the Hindu Law instead of Partnership Act. The membership in this form of business organisation can be acquired only by birth or by marriage to a male person who is already a member of Joint Hindu Family. A joint Hindu family will be helpful in passing on the values, culture and traditions to the younger generations. It is also helpful in times of crisis when everyone act as support pillar for each other.