Question

Select the proper option from the options given below and rewrite the completed sentences.

Business organization which is controlled by Hindu succession Act is known as ________
(a) Joint stock company
(b) partnership firm
(c) Joint Hindu family firm

Answer 1

Correct option- c
Business organisation which is controlled by Hindu Succession Act is known as joint Hindu family firm.
Explanation:
A joint Hindu family business is governed by the Hindu Succession Act. Enacted in 1956, it specifies the rights and liabilities of coparceners. This law has further extended the line of co-parcenery to the daughters in a joint Hindu family.