Joint Hindu Family Meaning
Joint Hindu family is a process of business or a distinct form of organization. The Joint Hindu Family is controlled under the Hindu Law. In Joint Hindu family business, Head of the family is the decision maker and superior of the business. Newborn baby or marriage to a male person will be part of the Joint Hindu Family.
Joint Hindu Family Introduction
Joint Hindu Family Firm is created by the operation of law. It is governed by the Hindu Succession Act, 1956. In Joint Hindu Family business ‘Karta’ is the decision maker of the business. Joint Hindu family business act was build to empower the traditional business of the Hindu community.
Importance of Joint Hindu Family Business
- The joint Hindu family business plays a wide role in the growth of the economy.
- it creates bounding among the family members.
- Joint Hindu family helps the local people to provide high-quality products.
- Joint Hindu family business is teaching the traditional methods business to the world.
- The joint Hindu family business is helping to build next-generation entrepreneurs.
Features of Joint Hindu Family Business
- The formation of joint Hindu family business is created by “Hindu Law”, it did not created by any contract or agreement.
- The registration of the joint Hindu family because it is the result of Hindu Law.
- Head of the joint Hindu family has the power of decision making. He also runs management of the business.
- The liability of Karta is unlimited because he is the only decision makers. On the other hand, co-parceners has limited.
Joint Hindu family Aim
The growth of business
- To generate employment
- All members have the opportunity to carry out commercial activity in business.
Example of Joint Hindu Family Business
- Tata & Sons
- Birla group
- Reliance Industries
- Mahindra & Mahindra
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