Question

Distinguish between the following:
Co-operative society and Joint Hindu family firm.

Answer 1

A Joint Hindu Family business is a family concern with operates under the provision of the Hindu Law and Hindu succession Act 1956.It is governed by the Hindu Succession Act, 1956. In Joint Hindu Family business, authority of controlling the business lies in the hands of the 'Karta'.

A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.