What do you mean by Joint Hindu Family business? Winite down its down its chavisteristics. Wisute advantages and disadvantages.
Answers
★彡 ANSWER 彡★
✦✧✧ Joint Hindu family business:- ✧✧✦
➥ It it is owned by the members of undivided JHF and managed by the oldest member about the family known as KARTA. it is governed by the provisions of Hindu law the basis of the membership is birth in particular family.
【｡｡】 Characteristics of joint Hindu family business:- 【｡｡】
➥ FORMATION.
➥ MEMBERSHIP BY BIRTH:
- Dayabhaga system
—(••÷[ Dayabhaga system:- ]÷••)— it was in West Bengal and allows both male and female members to co-parencers.
- mitakshara system
╚»★«╝ Mitakshara System:- ╚»★«╝ it was all over India except West Bengal and allows only male members to corporators
➥ LIABILITY.
➥ CONTINUITY.
➥ MINOR MEMBERS.
•.¸♡ ADVANTAGES of joint Hindu family business :-♡¸.•
➥ EFFECTIVE CONTROL.
➥ CONTINUED BUSINESS EXISTENCE.
➥ LIMITED LIABILITY.
➥SECRECY.
➥ LOYALTY AND COOPERATION.
★·.·´¯`·.·★ DISADVANTAGES of joint Hindu family business:- ★·.·´¯`·.·★
➥ LIMITED CAPITAL.
➥ UNLIMITED LIABILITY OF KARTA.
➥ DOMINANCE OF KARTA.
➥ HASTY DECISIONS.
➥ LIMITED MANAGERIAL SKILLS OF KARTA.