What are the joint Hindu family business in India?
Joint Hindu family business is a specific form of business organisation found only in India. It is one of the oldest forms of business organisation in the country. It refers to a form of organisation wherein the business is owned and carried on by the members of the Hindu Undivided Family (HUF).
Is Haldiram a joint Hindu family business?
Answer: India based Business house, Haldiram, is an example of Joint Hindu family business, the history of company begins from Bikaner in the year 1937 and from there Haldiram has flourished well from a small corner shop to a company of worth 1500 Crores.
Are members of a Joint Hindu Family business?
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.
Who is the head of joint family business?
The head of a joint Hindu family business is called the Karta. Karta is the eldest male member of a joint Hindu family who is responsible for the control and management of the joint Hindu family business and has unlimited liability. Hence, the correct answer is option Karta.
Is Reliance a HUF?
Control of Reliance Industries could hinge on whether the late Dhirubhai Ambani’s investment companies and trusts, which control a 46.67 per cent stake in Reliance Industries, were registered under Hindu Undivided Family (HUF) law.
Is Tata a HUF?
TATA Company is a joint stock company registered under Companies Act. The features of HUF business are: 1) To form a HUF business there should be minimum 2 members in a family and ancestral property.
What is a joint family in India?
A joint family or undivided family is an extended family arrangement prevalent throughout the Indian subcontinent, particularly in India, consisting of many generations living in the same household, all bound by the common relationship. … HUF is a separate entity for the purpose of assessment under the Act.
What are the features of Joint Hindu Family business?
The main characteristics of Joint Hindu Family Business are given below:
- Governed by Hindu Law: The business of the Joint Hindu Family is controlled and managed under the Hindu law. …
- Management: …
- Membership by Birth: …
- Liability: …
- Permanent Existence: …
- Implied Authority of Karta: …
- Minor also a Partner: …
What do you mean by Joint Hindu Family business how is it different from that of partnership?
A partnership firm is controlled by two or more persons called ‘Partners’. In Joint Hindu Family ‘Firm, the Joint Hindu Family conducts business according to Hindu Laws. 2. Number of members. A minimum of two members are needed for starting a business.
What is the main source of capital under joint family business?
As ancestral property is the main source of funds in case of Joint Hindu Family business, there is a problem of limited capital which further limits the scope for expansion of business.
What are Coparceners?
Under the Hindu Law, the coparcener is a term to indicate those male members of a Hindu family who have an undivided interest over the ancestral property by birth. … After the 2005 amendment of the Hindu Succession Law, a daughter of the family is also considered a coparcener.