Question

Which form of business gives all the rights even to the minor member?

Answer 1

Joint Hindu Family Business- It is a different type of organization, which is found only in India. As the name suggests, it is type of organization in which all the members of Hindu Undivided Family manage and control the business with the direction of head of the family. It is not a Partnership. It is just like a Partnership where only the members of the family can take part. It is not even sole trading concern, but it is enlargement of sole trading concern in which continuity is guaranteed. The business is carried on from generation to generation. It comes into existence by the operation of Hindu law. It is the result of Hindu Undivided Family system followed in India. Wherever, there is Hindu Undivided Family, there is the scope of Joint Hindu Family Business.