Aug 06, 2019 joint hindu family business, partnership, cooperative societies, and. The researcher, through this paper aims at throwing some light upon certain. To create awareness about current dowrycrueltyharassment related laws and their detrimental effects on family members. Introduction it is a presumption that every hindu family is joint family, they cannot escape from the joint family. Nowhere else in the world is this a legal form of business entity.
In a joint family firm, only karta has the implied authority to contract debts and pledge the credit and property of the firm for the ordinary purpose of the businesses. The manager of the hindu joint family or karta is required to declare all sources of income in form tj. These businesses are totally governed by hindu laws. Older joint hindu family an affectionate business introduction pdf. Distinction difference between joint family and coparcenary. Having a family, marrying and becoming a parent is the second ashrama and is seen by some hindus as a duty. Any single member has no right to get the business dissolved. It refers to a form of organization wherein the business is owned and carried on by the members of the hindu undivided. Lets start with a brief explanation of joint hindu family business.
Mcq questions for class 11 business studies chapter 3 private. Hindu undivided family includes an eldest male member karta and the other male members called coparceners. Cooperative organisation is a society which has its objectives for the promotion. Such an assumption has been encouraged by the study of hindu law and scriptures where the normative hindu family is always joint.
Doc joint hindu family business ajinkya gaikwad academia. Hindu family business objective joint hindu family an affectionate aims objective. Details of module and its structure module detail subject name. 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. The joint hindu family business can be dissolved only at the will of all the members of the family. It consists a male, his wife and unmarried daughters and his male descendants, their wives and unmarried daughters. Joint hindu family firm is created by the operation of law.
Another form of business which is owned by the members of a joint hindu family and in which the family possesses some inherited property. The joint hindu family business is an affectionate business and a distinct form of organization peculiar to india. Joint hindu family business project fill online, printable, fillable. Difference between joint hindu family and coparcenary. In joint hindu family business, only males can be copartners and not females under the mitakshara law. Jan 21, 2020 in a joint hindu family firm minor is a partner. Mcq questions for class 11 business studies with answers were prepared according to the latest question paper pattern. This is special form of business organization, which now exists only in india. Falling under the aegis of law, and controlled by a strict code of rules, a hindu undivided family or huf in short, does not distinguish between its members. A hindu joint family means what in any system of law prevailing in india is known as a hindu joint family or coparcenary. The objectives of huf are the same as business objectives. The head of the family is the head of the business also.
Basic information 1 2 name of hindu joint family as registered with lhdnm. Explaining the concept of the hindu undivided family and a coparcenary and the distinction between the two, the court observed that while for a coparcenary the presence of at least two male members in the joint family is a necessary requirement, a hindu joint family can continue even with one male member, and accordingly in this case the son. In such a case the joint hindu family can still continue to function as the requirement of a male member is essential to start a joint hindu family and not for its continuance. Joint hindu family business in india features, merits and.
A hindu joint family has no legal entity distinct and separate from that of the members who constitute it. A business, which is owned by family members who are living jointly, is known as hindu joint family business. Joint hindu family business an affectionate business february 28, 2018 organization of commerce 2 4. Despite this, there are some limitations of a joint hindu family business as. The family business system is described by the venn diagram as three independent but overlapping subsystems. Understanding the importance of family businesses the. The existence of the common ancestor is necessary for bringing a joint family into existence, for its continuance, common ancestor is not a necessity. He is known as karta and the members are known as co parceners.
Aug 22, 2010 wherever, there is hindu undivided family, there is the scope of joint hindu family business. Disadvantages of joint hindu family business 1 limited. Let us learn about this form of organisation and its unique features. Soletrade business and 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. Sole proprietorship joint hindu family partnership. Soap making, plastics paints are other examples of synthetic industry. The joint family of hindu law is an institution sue generis. Use custom search function to get better results from our thousands of pages use for compulsory search eg.
It is not necessary to have at least two or more male members in the family to make it a hindu undivided family as a taxable entry. Joint hindu family business an affectionate business hsc projects. Joint hindu family business project aims and objective. Whenever, there is hindu undivided family, there is the scope for joint hindu family business. The joint hindu family business plays a wide role in the growth of the economy. Hindu family is joint family when it is joint in food, worship and estate. Joint hindu family business, though it is an enlarged form of sole trading concern, it enjoys stability. The family who runs or carry on the business organization. Rut they deal only with a norm and not the reality. It has been a fundamental aspect of the life of hindus.
Family law 2 hindu joint family system mitakshara joint family the mitakshara joint family is a unique contribution of hindu jurisprudence which has no parallel in any ancient or modern system of law. It is not a juristic person either, same was held in chotelal v jhandelal air 1972 all 424. Joint hindu family helps the local people to provide highquality products. Lunacy or bankruptcy suffered by any member does not have an impact on the activities of such a business. 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. Historical perspective of traditional hindu law as a background. Joint hindu family business has generally limited financial and managerial resource. It is a narrower institution as it includes only three male lineal descendants from the last holder of the property. The traditional assumption behind such a deduction is that every hindu family is normally a joint family. The business of joint hindu family is controlled under the hindu law instead of partnership act. Jan 19, 2021 the karta in joint hindu family business has a limited liability b unlimited liability c no liability for debts d joint liability answer. Compulsory course on principles of family law tries to provide students not just an explanation. Joint hindu family business an affectionate business.
The chief advantages of joint hindu family business are given below. Wherever there is a hindu undivided family, there is the scope of joint hindu family business. Mcq questions for class 11 business studies chapter 2. Explain the meaning of sole proprietorship form of business organization. Compulsory course on principles of family law is offered to the second year third semester students. Joint hindu family as a social security institution and impact t of hindu gains of learning act and various tax laws on it.
The sole proprietorship is a form of business that is owned. The operation of law creates a joint hindu family business. A joint hindu family business is an entity, rooted in permanence since its business operations are hardly affected by the death or passing of any of its members. Difference between joint hindu family and coparcenary ipleaders. The business of joint hindu family is controlled under the hindu law instead of. In a hindu undivided family governed by the mitakshara law. Well, any person born into the family boy or girl up to the next coming three generations is a part of. To create awareness about current dowrycrueltyharassment related laws and their detrimental effects on family members including husband, wife, their children and relatives. Mcq questions for class 11 business studies chapter 3. Hindu, muslim, christian and parsi have their different personal law in india.
It does not have any separate and distinct legal entity from that of its members. What are some examples of a joint hindu family business. But under dayabhaga law, both males and females can be members under certain conditions. The civil marriage act enabled the adult boys and girls to marry against the wishes of their parents. Sep 08, 2020 we have compiled ncert mcq questions for class 11 business studies chapter 3 private, public and global enterprises with answers pdf free download.
Joint hindu family business in india features, merits. It is the result of the hindu undivided family system followed in india. It is not formed by any agreement like partnership firm. Lot of joint hindu family business are divided into family members during last 30 years or soambaniafter dhirubhai decided in to two but interesting fact is that. Joint hindu family cannot be formed or created by any contract or agreement because this organization came into existence by the operation of the hindu law. A hindu joint family consists of the common ancestor and all his lineal male descendants up to any generation together with the wife or wives or widows and unmarried daughters of the common ancestor and of the lineal male descendants. In the case of joint hindu family business, the head of the family holds the position of karta by virtue of the hindu succession act, 1956.
Therefore, it cannot undertake big and risky business. The joint hindu family firm is the next noncorporate, group ownership form of family business operative in india. The joint hindu family business is a distinct form of organisation peculiar to india. It is a wider institution as it includes allmale lineal descendants from a common ancestor, it also includes their wives and unmarried daughters. Three circle family business system model developed in 1982 by renato tagiuri and john a. Joint hindu family business is the oldest and specific form of business organization found only in india. Joint hindu family business free download as word doc. After going through this lesson, the learners will be able to understand the following. Hindu undivided family huf the joint hindu family business or the hindu undivided family huf is a unique type of business entity. It comes into existence by the operation of hindu law. Joint hindu family business family marriage scribd.
The joint family system in india has been very much influenced by the new social legislations consisting of the civil marriage act 1872, hindu marriage act, 1955, and hindu succession act 1956. Joint hindu family aim profit maximization the growth of business to generate employment all members have the opportunity to carry out commercial activity in. 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 karta is the eldest male member of a joint hindu family who is responsible for decision making in. It is an integral part and the most characteristic way of hindu life. Huf or hindu undivided familyis defined under the hindu lawas a family that consists of allpersons lineally descendedfrom a common ancestor,including wives and unmarrieddaughters. There should be at least two male members in the family to form a huf.
Joint hindu family business project aims and objective pdf. Sep 05, 2020 forms of business organisation class 11 mcqs questions with answers. Joint hindu family business, though is an enlarged form of sole trading concern but it enjoys stability. A business, which continues from one generation to another generation is known as joint hindu family business or firm.
Important terms which are used in a joint hindu family business. To actively work for creating a dowry free society without adversely effecting the institution of marriage, family structure and implication of innocents. Any form of business which is owned by the members of a joint hindu family and in which the family possesses some inherited property. The joint hindu family business is helping to build nextgeneration entrepreneurs. There is always a lack of motivation among the members to work hard. A hindu joint family is a unit and in all matters it is represented by a karta. Mention the limitations of joint hindu family business.
A hindu undivided family business is a distinct legal entity, an archaic business model, unique to india. Aims and objectives of joint hindu family ask for details. Many hindus believe sharing wisdom with grandchildren and guiding them through rites of. The joint hindu family business is an affectionate business and a distinct form of organization peculiar to. Joint family helps foster love within a family so that people can be closer to each other for the good of the family. He is the person who is the head and eldest member of the family. What are the main objectives of joint hindu family business. You can read this document with adobe acrobat or other pdf reader.
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