Write about two systems of Joint Hindu Family Business prevailing in India? also write about the similarity bought in these two systems recently?
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Answer:
Joint Hindu Family Business
The Joint Hindu Family Business or the Hindu Undivided Family (HUF) is a unique form of business organisation found only in India. Nowhere else in the world is this a legal form of business entity. Let us learn about this form of organisation and its unique features.
Features of a HUF
Formation: To begin a Hindu Undivided Family there must be a minimum of two related family members. There must be some assets, business or ancestral property that they have inherited or will eventually inherit. The formation of a HUF does not require any documentation and admission of new members is by birth.
Liability: The liability of all the various co-parceners is only up to their share of the property or business. So they have limited liability. But the Karta being the head of the HUF has unlimited liability.
Answer:
- define joint hindu family buisness ?explain it two system prevaling in india