The joint hindu family business is an affectionate business and a distinct form of organization peculiar to india. It is given due recognition by the income tax act, 1961, and by the joint hindu succession act, 1956, but it lacks legal status. This joint family system is a peculiar characteristic of the indian social life. The system is an extended family arrangement prevalent throughout the indian subcontinent, particularly in india, consisting of many generations living in the same home, all bound by the common relationship. The joint hindu family system has been around in south asia for centuries. Therefore, it cannot undertake big and risky business. Joint hindu family an affectionate business downloads at download free xls files,ebooks and documents publicly accessible titles july 2012 joint hindu family an affectionate business free pdf. Joint hindu family business project aims and objective.
Its business may include any trade, industry or profession. You can ask them about the number of members in the business, why they opted for joint hindu family business. Study of your project now, for depth knowledge of this business, you can visit a joint hindu family business. Ocm organisation of commerce and management business. In joint hindu family business, there is no restriction on the maximum number of members. In the entire hindu joint family karta or manager occupies a very important position. These are the forms of business organisation class 11 notes business studies prepared by team of expert teachers. A joint hindu family is normally joint in worshipkitchen business. Disadvantages of joint hindu family business 1 limited. The joint hindu family firm is the next noncorporate, group ownership form of family business operative in india.
Joint hindu family an affectionate business pdf download. Joint hindu family business kinship and descent social institutions. The karta of the joint hindu family has all the powers to act on the behalf of the family and he is the only person who can represent the family. Cricket coach 2014 free download free lesson plan on balanced diet.
Hindu undivided family do business under the control of the head of the family is known as karta. Joint hindu family business meaning, examples and conclusion. Introduction a business enterprises is an organisation which is engaged in some business or commercial activity. Cbse class 11 business studies notes aglasem schools. It is important to note that the joint hindu family firm with the joint ownership of the business is created by the operation of hindu law and not by the contract between the coparceners the business of joint hindu family is controlled and managed by. Joint hindu family business free download as word doc. The business of joint hindu family is controlled under the hindu law instead.
Features of joint hindu family business india study channel. It is one of the oldest forms of business organization in the country. Every business enterprises is a separate and distinct unit of business. In other words, when the business carries on from one generation to another in a hindu family it is known as a joint. When all the members of a hindu undivided family run a business under the control and guide of karta the seniormost member of the family, such an association is joint hindu family business. Tax saving can be possible either by legal tax planning or by illegally tax avoidance. Jan 20, 2018 joint hindu family business class 11 1. It is a specific form of business organization found only in india. Joint hindu family business, though is an enlarged form of sole trading concern but it enjoys stability. An huf comprises all the people who have lineally descended from a common ancestor and includes wives and unmarried daughters. Business studies organisation of commerce and management. Forms of business organisation class 11 notes business. When dealing with business on a fairly large scale, a joint stock company is the most suitable form of business organisation. A partnership can be formed only on the basis of a business activity.
Project on stock exchange financial management class 12 cbse. When you think of all the largest companies in the world, these are not proprietorships or partnerships. Apart from hindus, huf laws also cover jains, sikhs and buddhists. Liability the liability of a partner is not only joint liability or limited to his share in the partnership business, the liability is several liability also. Of course the classic advice on this is not to mix business with family. Aug 22, 2010 wherever, there is hindu undivided family, there is the scope of joint hindu family business. Karta means manager of joint family and joint family properties.
There is no office or institution in any other system of the world can be compared with it. Download revision notes for forms of business organisation class 11 notes business studies and score high in exams. It preserves family values and business value within the family ensuring better decision making and preparedness for the next generation to come. It does not have any separate and distinct legal entity from that of its members. The fundamental concept of such a hindu joint family where there is a common male ancestor with his lineal descendants in the male line. Even daughter in lawswidowed daughters who has returned back to their parental side are part of a hindu joint family. The main purpose of a cooperative organization is to earn profit. There is always a lack of motivation among the members to work hard. Difference between partnership and joint hindu family. Aug 06, 2015 thanks for the a2a as posted in the picture, the joint hindu family business is a family business involves only the members of the family.
I read somewhere that 62 percent of the gross national product of the western world is produced by family businesses. Thanks for the a2a as posted in the picture, the joint hindu family business is a family business involves only the members of the family. The legal business which is carried by them known as joint hindu family business 18. Joint hindu family business free download pdf kupdf. Try risk free comments and help with joint hindu family business project pdf download video instructions and help with filling out and completing online joint hindu family an affectionate business. Give an example of joint hindu family business in india. Various forms of business organisation from which one can choose the right one include.
The fundamental concept of such a hindu joint family. Chapter 1 forms of business organisations download. Legal formalities are minimum just like formation, it is. There is no limit for membership in joint hindu family business.
Joint hindu family an affectionate business fill online. Some suggestions for family business planning, startups. He is a person with limited power but he possess such vast power with in ambit of joint. A joint hindu family business is not created by any agreement or contract, because it exists only by operation of hindu law. A joint hindu family is headed by a karta, who is normally the eldest living male member of the family. Jun 03, 2017 a joint hindu family is normally joint in worshipkitchen business. Protection of rights on divorce act, child and the. All business affairs are dealt with by the senior most male member of the hindu family. The revision notes help you revise the whole chapter in minutes. Cbse class xi business studies forms of business organisation joint hindu family business 11th class chapter 2nd part1.
Ive done business with my wife, daughter, soninlaw, and various mixtures of those. The joint hindu family business is an affectionate business and a distinct. A joint hindu family business is not dissolved on the death, lunacy or insolvency of any of the copartners. Read this article to get complete information on joint family system, its features, functions, other details family is one of the universal and permanent institutions of mankind. The joint hindu family business is a distinct form of organisation peculiar to india.
It is not formed by any agreement like partnership firm. Essays and paragraphs, indian society on march 18, 2019 by h patra. Joint hindu family business project aims and objective, joint hindu family is a process of business or a distinct form of organization. Constitution of hindu joint family the institution of a hindu joint family 4 is peculiar to the hindu jurisprudence and has its origin in ancient orthodox texts and writings of smritikars etc. Historically, for generations india had a prevailing tradition of the joint hindu family or undivided family. Forming a joint hindu family business is extremely easy, as no legal formalities are required to be fulfilled. Let us learn about this form of organisation and its unique features. It is said that the joint hindu family firm comes into existence by the law of inheritance. It basically refers to an extended family set up characteristic of the indians. The features of joint hindu family business are as follows.
Link to download this article in pdf format is at the bottom. Nov 11, 20 solution hindu joint family business is a structure of commercial association where a business is possessed via the members of a hindu family living jointly. It is made up of multiple family generations all of whom come together under one roof and bound by the same. Features merits introduction limitations examples 3. Joint hindu family business an affectionate business. The operation of law creates a joint hindu family business. It is not practised or followed elsewhere in the world. Hindu undivided family business it is a precise kind of business structure found only in india. Understanding the concept of hindu undivided family. Joint hindu family cannot be formed or created by any contract or agreement because this organization came into existence by the operation of the hindu law. Shifting beps project, india has also ratified the. The karta in joint hindu family business has a limited liability b unlimited liability c no liability for debts d joint liability answer.
Joint hindu family business is a type of business organization which is found only in india. Jan 27, 2017 a joint hindu family business is not created by any agreement or contract, because it exists only by operation of hindu law. These businesses are managed by all members of a joint hindu family. A family business is a commercial organization in which decisionmaking is influenced by multiple generations of a family, related by blood or marriage or. Sep 22, 2016 huf or hindu undivided family is defined under the hindu law as a family that consists of all persons lineally descended from a common ancestor, including wives and unmarried daughters. Income derived from business operations carried out in. The karta is the eldest male member of a joint hindu. In this lesson let us find out more about these types of business organisations. The joint hindu family business is controlled under the hindu law instead of the. Joint hindu family business is a different type of organization, which is found only in india. The management of the joint hindu family is in the hands of karta who is the head of the family.
The fact remains that every individual is interested to save his tax. Find out the essential characteristics of joint hindu family. Joint hindu family firm is created by the operation of law. Another form of business which is owned by the members of a joint hindu family and in which the family possesses some inherited property. The sole proprietorship form of business is the most simple and common in our country. Whenever, there is hindu undivided family, there is the scope for joint hindu family business. What are the features of a joint hindu family business. There are many joint family businesses in india, but i dont know what is a joint hindu family business. When a joint hindu family hindu undivided family conducts business inherited by it as per hindu law, it is called joint hindu family firm.
Nowhere else in the world is this a legal form of business entity. Wherever, there is hindu undivided family, there is the scope of joint hindu family business. The joint hindu family business or the hindu undivided family huf is a unique form of business organisation found only in india. Fill joint hindu family an affectionate business aims and objectives. Home articles understanding the concept of hindu undivided family. A joint family may encompass countless generations. Understanding the concept of hindu undivided family articles. Joint hindu family business has generally limited financial and managerial resource. By the whole study, it can be concluded that women play a significant role.