state the characteristics of joint hindu family
Answers
Answer:
Characteristics of Joint Hindu Family Business:
Formation
There should be at least two male members in the family to form a HUF.
Ancestral property should have been inherited by members of HUF.
All of the members enjoy this property and have an equal share in that Property.
Thus, any child taking birth in that family becomes a member of the HUF.
There is no requirement for an agreement to become a member.
Liability
There is limited liability of all the members or co-parceners in the Hindu Undivided Family business.
All the co-parceners have equal rights and shares in the property of Hindu Undivided Family business
The Karta has unlimited liability.
Control
Karta is the person who has full control over the Hindu Undivided Family business.
Karta can take advice from all the members but he is not bound to accept their decisions.
Continuity
After the “Karta” is deceased, the very next eldest member takes up the position of Karta in Hindu Undivided Family business.
The business can be divided and ended up by the mutual consent of the members.
Minor Members
The person who has taken birth in Hindu Undivided Family can be a member of the family business.
Therefore, a minor can also be a member of the family.
Answer:
Hindu Undivided Family business is a precise kind of business structure found only in India. This is one of the classical methods of business structure in the nation. It is administered by the Hindu Law. The source of membership in the company is birth in a family and 3 consecutive generations can be members of the company.