Write short notes on the following.
Features of Joint Hindu family.
Features of Joint Hindu family.
Features of a joint Hindu family business:
i. Formation: The formation of a joint Hindu family business requires the existence of ancestral property. Also, at least two members are required for its formation.
ii. Control: The Karta is solely responsible for all the management decisions of the business.
iii. Continuity: The continuity of a joint Hindu family business remains unaffected by the death of the Karta as the next eldest member becomes the Karta.
iv. Unlimited liability: The Karta being the head of the joint Hindu family has unlimited liability.
v. Status of minors: A minor also has membership rights in the business; that is, membership in the business is acquired by virtue of birth.
vi. Quick decision making: Complete control by the Karta enables proper administrative functioning and quick decision making.
i. Formation: The formation of a joint Hindu family business requires the existence of ancestral property. Also, at least two members are required for its formation.
ii. Control: The Karta is solely responsible for all the management decisions of the business.
iii. Continuity: The continuity of a joint Hindu family business remains unaffected by the death of the Karta as the next eldest member becomes the Karta.
iv. Unlimited liability: The Karta being the head of the joint Hindu family has unlimited liability.
v. Status of minors: A minor also has membership rights in the business; that is, membership in the business is acquired by virtue of birth.
vi. Quick decision making: Complete control by the Karta enables proper administrative functioning and quick decision making.
