Commercial Applications
Answer
The Joint Hindu Family business refers to a business which is owned and managed by the members of a joint Hindu family. It is also known as Hindu Undivided Family Business. It is governed by the Hindu Succession (Amendment) Act, 2005. This form of business is created by the law of succession.
The Joint Hindu Family form of business is one in which the family possesses some inherited property. The share of ancestral property is inherited by a member from their parents or grandparents. Three successive generations can simultaneously inherit the ancestral property. All the family members having a share in family property are known as coparceners and the oldest member of the family, regardless of gender, is called the karta.
Related Questions
"Sole proprietorship is a one-man show". Justify this statement for or against and give reason.
Arjun has been successfully managing his small bookstore. However, he falls sick and is unable to continue the business. How does this situation highlight the limitations of sole proprietorship?
Jay is a sole proprietor who wants to make quick decisions to adapt to market trends. Why is decision-making faster in a sole proprietorship compared to other business types?
What is sole proprietorship? Describe its features.