What is joint Hindu family business answer in one sentence?

What is joint Hindu family business in one sentence?

The Joint Hindu Family (JHF) business is a form of business organisation run by Hindu Undivided Family (HUF), where in the family members of three successive generations own the business jointly. The head of the family known as karta manages the business.

What is a joint family answer in one sentence?

a type of extended family composed of parents, their children, and the children’s spouses and offspring in one household. Also called joint household.

What is the joint Hindu family business?

Meaning of Joint Hindu Family Business

It refers to a form of business organization which is owned and carried on jointly by the members of the Hindu Undivided Family (HUF). It is also known as Hindu Undivided Family Business.

What is joint Hindu family business explain its features?

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 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.

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Who controls the joint Hindu family business?

The head of the joint hindu family business is known as Karta. Karta is usually the senior most male member of the joint family and he has the power to control the whole business.

Who becomes Karta in joint Hindu family?

The senior-most male member of the Joint Hindu Family is considered as the Karta of family and he has infinite powers and control over the business. But the main drawback is the unlimited liability associated with the position i.e. his personal assets can be used to payoff the debts, if need arises.

What is a joint family in simple words?

The joint family is an extension of the nuclear family (parents and dependent children), and it typically grows when children of one sex do not leave their parents’ home at marriage but bring their spouses to live with them. …

What are called joint family?

: a consanguineal family unit that includes two or more generations of kindred related through either the paternal or maternal line who maintain a common residence and are subject to common social, economic, and religious regulations.

What are the types of joint family?

According to Gore, joint family is of three types:

  • Filial joint family (parents and their married sons with their offspring),
  • Fraternal joint family (two married brothers and their children) and.
  • Filial and fraternal (combined) joint family.

What are the two types of joint Hindu family business?

Membership in business is acquired either by birth in family or marriage to a male member of the family. There are basically 2 types of joint Hindu family business: Mitakshara & Dayabhagha. In Mitakshara only male members can become a member of the business.

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Can joint Hindu family business be terminated?

The formation of a joint hindu family business requires at least two members in the family and ancestral property to be inherited by them. … The business can, however, be terminated with the mutual consent of the members.

What is the main cause of decline in joint Hindu family business?

Conflict or family quarrel has caused the breakdown of joint family system. Conflicts regarding family property, its income and expenditure, unequal distribution of work at home and personal clashes between women lead to the break-up of joint families.

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