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Permutation: n Different Things Taken r at a Time

Which of thes...

Question

Which of these statements is true in respect of a Joint Hindu Family business?

A

Joint Hindu Family firm cannot have more than

10

members

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B

Joint Hindu Family has a perpetual existence

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C

Liability of Manager is limited

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D

Consent of all the members is necessary to admit a new member

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Solution

The correct option is B Joint Hindu Family has a perpetual existence
The firm enjoys continuity of operations as its existence is not subject to the death or insolvency of a co-parcener or even of the Karta himself. Thus, it has a perpetual life like the public limited company.

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Q. State whether the following statements are True or False:
(a) A joint Hindu family business is the result of a contract between the members of the family.
(b) Every member of a joint Hindu family business is an agent of the firm.
(c) There is no limit on the number of members in a joint Hindu family business.
(d) Female members of a family do not have a share in the joint Hindu family business according to darabhaga
(e) A joint Hindu family business is not dissolved on the death of a member.

Q. Fill in the blanks:
(a) The membership of a joint Hindu family business is acquired by _______.
(b) The liability of the Karta in a joint Hindu family business is _______.
(c) A member of the joint Hindu family business _______ demand division / of property.
(d) All the members of a joint Hindu family business_________ part in its management.
(e) A member of the joint Hindu family business________ call for account of past profits while leaving the business.

Q. The members of Joint Hindu Family firm are known as coparceners.

Q. Define 'joint Hindu family firm'. Explain the features of a joint Hindu family firm.

Q. Long answer type question.

Define a Joint Hindu family firm. Explain features of joint Hindu family firm.

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