Joint hindu family business free download as word doc. A hindu joint family setup is an extended family arrangement prevalent which has an enormous legal significance in india. A joint family may encompass countless generations. Joint hindu family business meaning, examples and conclusion. What are the features of a joint hindu family business. Joint hindu family business is a type of business organization which is found only in india. Jun 03, 2017 a joint hindu family is normally joint in worshipkitchen business. Features merits introduction limitations examples 3. The joint hindu family business is an affectionate business and a distinct form of organization peculiar to india. Joint hindu family firm is created by the operation of law. Even daughter in lawswidowed daughters who has returned back to their parental side are part of a hindu joint family. Joint hindu family business class 11 linkedin slideshare. All business affairs are dealt with by the senior most male member of the hindu family. Oct 21, 20 joint family is an empowered form of family.
Study of your project now, for depth knowledge of this business, you can visit a joint hindu family business. There is always a lack of motivation among the members to work hard. You can ask them about the number of members in the business, why they opted for joint hindu family business. It also helps foster unity as living together means that they have to work together with the goal of a sustainable coexistence.
Without sharing the family business to external parties and using the family business profit for the well being of particular family. Find out the essential characteristics of joint hindu family. Shifting beps project, india has also ratified the. Chapter 4, joint hindu family business and cooperative society. The business of joint hindu family is controlled under the hindu law instead. Disadvantages of joint hindu family business 1 limited. All the male members are blood relative and all women like mothers, wife, sister, unmarried daughter and widow relatives all bound the common relationships. A joint hindu family is normally joint in worshipkitchen business. In this lesson let us find out more about these types of business organisations. Well, any person born into the family boy or girl up to the next coming three generations is a part of. Finally, the spirit of oneness prevails in a joint family system. The joint hindu family business is controlled under the hindu law instead of the.
Karta of a hindu joint family powers and responsibilities. When all the members of a hindu undivided family run a business under the control and guide of karta the seniormost member of the family, such an association is joint hindu family business. However, with urbanization and economic development, india has witnessed a break up of traditional joint family into more nuclearlike families, and the traditional joint family in india accounted for a small number of indian households. Joint hindu family business, though is an enlarged form of sole trading concern but it enjoys stability. This is a presentation that i had made on joint hindu family business hope people find it useful. Therefore, it cannot undertake big and risky business. When joint hindu family carries on a particular business from one generation to another generation called as joint hindu family business. Jan 21, 2020 the joint hindu family business is a distinct form of organization peculiar to india. Hindu undivided family business it is a precise kind of business structure found only in india. A joint hindu family business is not created by any agreement or contract, because it exists only by operation of hindu law. It is governed and dictated by the hindu law, which is one of the several religious laws prevalent in india so who all are members of such an organization. Aug 22, 2010 wherever, there is hindu undivided family, there is the scope of joint hindu family business. Retain full control over your data, rely on full privacy and confidentiality and benefit from cutting edge security technology. For the indian students of sociology, the study of the indian family system deserves special attention, not only because they are born in indian families but also for here the family system differs in.
Cbse class xi business studies forms of business organisation joint hindu family business 11th class chapter 2nd part1. Joint hindu family business an affectionate business. It is not practised or followed elsewhere in the world. In matters related to property laws, the term hindu undivided family huf if often used. A hindu undivided family or huf is a legal term related to the hindu marriage act. When a joint hindu family hindu undivided family conducts business inherited by it as per hindu law, it is called joint hindu family firm. So the life of a company is in no way related to the life of its members. Huf consists of karta of a huf is the senior most male member of the family and in financial terms he can also be called manager of the family all male adults in the family are called coparceners others member. The joint hindu family firm is the next noncorporate, group ownership form of family business operative in india. The legal business which is carried by them known as joint hindu family business 18. In the entire hindu joint family karta or manager occupies a very important position. Joint hindu family business has generally limited financial and managerial resource. Sep 22, 2016 the legal business which is carried by them known as joint hindu family business 18. Class 11 cbserbse joint stock company in hindi meaning, features, merits and limitations duration.
Nowhere else in the world is this a legal form of business entity. These businesses are managed by all members of a joint hindu family. It preserves family values and business value within the family ensuring better decision making and preparedness for the next generation to come. It does not have any separate and distinct legal entity from that of its members. Joint hindu family business family marriage free 30. Joint hindu family business an affectionate business february 28, 2018 organization of commerce 2 4. The karta in joint hindu family business has a limited liability b unlimited liability c no liability for debts d joint liability answer. It is given due recognition by the income tax act, 1961, and by the joint hindu succession act, 1956, but it lacks legal status. The traditional assumption behind such a deduction is that every hindu family is normally a joint family. Hindu joint family is a unit and in all matters it is represented by its karta. Joint hindu family business is a different type of organization, which is found only in india. Forming a joint hindu family business is extremely easy, as no legal formalities are required to be fulfilled. As the name suggests, it is type of organization in which all the members of hindu undivided family manage and control the business with the direction of head of the family. Thanks for the a2a as posted in the picture, the joint hindu family business is a family business involves only the members of the family.
Such an assumption has been encouraged by the study of hindu law and scriptures where the normative hindu family is always joint. Jul 29, 2017 cbse class xi business studies forms of business organisation joint hindu family business 11th class chapter 2nd part1. Hindu succession act areas of law law library advocatekhoj. Another form of business which is owned by the members of a joint hindu family and in which the family possesses some inherited property. Simply, a hindu joint family would at best be described as, the lineal descendants and their dependants where, the former trace their origin to one common ancestor. Joint hindu family business project aims and objective, joint hindu family is a process of business or a distinct form of organization. The fundamental concept of such a hindu joint family where there is a common male ancestor with his lineal descendants in the male line. Sep 27, 2017 in matters related to property laws, the term hindu undivided family huf if often used. It is a specific form of business organization found only in india. Wherever, there is hindu undivided family, there is the scope of joint hindu family business. Joint hindu family business free download pdf kupdf.
Joint hindu family an affectionate business project. Let us learn about this form of organisation and its unique features. An huf comprises all the people who have lineally descended from a common ancestor and includes wives and unmarried daughters. All the members of the joint hindu family have a right to maintenance and residence. Rooted in family business, we offer an advisory and support team leveraging over 10 years of experience to help you thrive. The joint hindu family business or the hindu undivided family huf is a unique form of business organisation found only in india. Improving entrepreneurship and family business effectiveness through research and sharing of best practices, and familybusiness.
A joint venture jv is a business agreement in which the parties agree to develop, for a. If the karta is unable to maintain them he can be sued for the same and the member can claim their arrears of maintenance. Income derived from business operations carried out in. What are the aims and objectives of a joint hindu family. Introduction the position of the karta or the manager of the hindu joint family finds its roots in the patriarch of the ancient family units. The joint hindu family jhf business is a form of business organisation run by hindu undivided family huf, where in the family members of. Davis, the joint family consists of males having a common male ancestor female offspring not yet married and women brought into the group by marriage. Jan 20, 2018 joint hindu family business class 11 1. A joint hindu family is normally joint in worshipkitchenbusiness. Joint family helps foster love within a family so that people can be closer to each other for the good of the family. The joint stock company is born out of the law, so the only way for the company to end is by the functioning of law. It is one of the oldest forms of business organization in the country. The joint hindu family business is a distinct form of organisation peculiar to india. He is a person with limited power but he possess such vast power with in ambit of joint.
The joint business is an extended family agreement at common place through out indian subcontinent, particularly in india, subsisting of many generations living in the same house. The joint hindu family business is a distinct form of organization peculiar to india. The karta of the hindu joint family is liable to maintain all the members of the joint family. Apart from hindus, huf laws also cover jains, sikhs and buddhists. Hindu undivided family huf the joint hindu family business or the hindu undivided family huf is a unique type of business entity. A joint hindu family is headed by a karta, who is normally the eldest living male member of the family. Members or shareholders of a company keep changing, but this does not affect the companys life.
The unity among its members is a great strength to face and remove any obstacles with sheer courage. The joint hindu family system has been around in south asia for centuries. The karta is the eldest male member of a joint hindu. For the indian students of sociology, the study of the indian family system deserves special attention, not only because they are born in indian families but also for here the family system differs in material respects from the western family system. Karta means manager of joint family and joint family properties. The operation of law creates a joint hindu family business. This joint family system is a peculiar characteristic of the indian social life. There is no office or institution in any other system of the world can be compared with it. It often creates parasites who love to feed on others income.
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