You can ask them about the number of members in the business, why they opted for joint hindu family business. Give an example of joint hindu family business in india. Hindu joint family not equal to hindu undivided family. The manager of the hindu joint family or karta is required to declare all sources of income in form tj. Thanks for the a2a as posted in the picture, the joint hindu family business is a family. Joint hindu family business an affectionate business creative. Nowhere else in the world is this a legal form of business entity. 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. Without sharing the family business to external parties and using the family. Joint hindu family business, though is an enlarged form of sole trading concern but it enjoys stability. In joint hindu family business, only males can be copartners and not females under the mitakshara law.
Importance of joint hindu family an affectionate business. The importance of joint family is understood by the indians since time immemorial. For the indian students of sociology, the study of the indian family system deserves special attention, not only because they are born in indian families but also for here the family system differs in. A hindu joint family setup is an extended family arrangement prevalent which has an enormous legal significance in india. There are many joint family businesses in india, but i dont know what is a joint hindu family business. Download as docx, pdf, txt or read online from scribd. A joint hindu family is normally joint in worshipkitchenbusiness. Without sharing the family business to external parties and using the family business profit for the well being of particular 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. Joint hindu family can be regarded as the benefit to the business because by agreeing the contract the business will be run on the basis of the hindu law. It is one of the oldest forms of business organization in the country. Download our need and importance of joint hindu family an affectionate business ebooks for free and learn more about need and importance of joint hindu family an affectionate business. Disadvantages of joint hindu family business 1 limited. According to hindu belief family is the one who stays together in time of need.
Importance of joint hindu family include 1 secrecy there is a lot of secrecy in jhf. Joint hindu family business is a different type of organization, which is found only in india. Need and importance of joint hindu family an affectionate. Wherever, there is hindu undivided family, there is the scope of joint hindu family business. The unity among its members is a great strength to face and remove any obstacles with sheer courage. Joint hindu family business project aims and objective. The joint hindu family business is a distinct form of organisation peculiar to india. When starting a business or is interested in expanding an existing one, an important decision. A joint family may encompass countless generations. This is not sufficient to meet the business requirements for expansion. Finally, the spirit of oneness prevails in a joint family system. The head of the family is the head of the business also. Joint hindu family business is a different type of organization, which is found.
It is not formed by any agreement like partnership firm. What are the main objectives of joint hindu family business answers. Everyone work as per his or her ability and gets as per need. Joint hindu family business free download as word doc. Inner hsc organisation of commerce and management page 18. It is given due recognition by the income tax act, 1961, and by the joint hindu succession act, 1956, but it lacks legal status. In joint hindu family business, it is the natural love and affection which the members are having for each. These books contain exercises and tutorials to improve your practical skills, at all levels. Therefore, it cannot undertake big and risky business. In sole proprietorship business, the proprietor has full control over each and every activity of the business. This article needs additional citations for verification. Joint hindu family business is a distinct type of organisation which is unique to india. Simply, a hindu joint family would at best be described as, the lineal descendants and their dependants where, the former trace their origin to one common ancestor.
It often creates parasites who love to feed on others income. It does not have any separate and distinct legal entity from that of its members. Visit to a cooperative society, cooperative credit societies, patpedhis, consumer cooperative stores and prepare a report of such visits. Joint hindu family business family marriage scribd. A hindu joint family or hindu undivided family huf or a joint family is an extended family arrangement prevalent among hindus of the indian subcontinent, consisting of many generations living under the same roof. In this form of business ownership, all members of a hindu undivided family do business jointly under the. Let us learn about this form of organisation and its unique features. Such system is sap and more details need to be share in two pages posted 2 days ago. Even daughter in lawswidowed daughters who has returned back to their parental side are part of a hindu joint family. A joint hindu family is headed by a karta, who is normally the eldest living male member of the family.
As a result we found different types of family all over the. Joint or common property is another important characteristic of joint. The business of joint hindu family is controlled under the hindu law instead. This establishment is done so that the businesses will not be broken down within the organization due to the petty reasons. A joint hindu family is normally joint in worshipkitchen business. Joint hindu family affectionate business page link. But under dayabhaga law, both males and females can be members under certain conditions. 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. Joint hindu family an affectionate business wikipedia downloads at download free xls files,ebooks and documents whatanicewebsit what a nice.
It is a specific form of business organization found only in india. In every society and at every stage of development we found some sort of family. It is also helpful in times of crisis when everyone act as support pillar for. All the male members are blood relatives and all the women are either mothers, wives, unmarried daughters, or widowed relatives, all bound by the common sapinda relationship. Features merits introduction limitations examples 3. Huf or hindu undivided familyis defined under the hindu lawas a family that consists of allpersons lineally descendedfrom a common ancestor,including wives and unmarrieddaughters. Sole proprietorship, joint hindu family business meaning, features, merits. It does not have any separate and distinct legal entity from that of its read more.
Even within india its existence is restricted to only certain parts of the country. Joint hindu family business an affectionate business. A case study savitri shahani there has been no systematic research into the structure of the family in the field whether in rural or urban areas, and the most serious writers on the subject hare relied on general observations. The two concepts are legally distinct, in the sense that a huf as a concept is used primarily for assessment of income tax and wealth tax while the hindu joint family is a concept defined under the personal laws marital laws, succession, adoption etc of hindus in india. Joint hindu family firm is created by the operation of law.
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 or the hindu undivided family huf is a unique form of business organisation found only in india. Historically, for generations india had a prevailing tradition of the joint hindu family or undivided family. This joint hindu family business an affectionate business project includes all. There is always a lack of motivation among the members to work hard. In this form of business ownership, all members of a hindu undivided family do business jointly under the control of the head of the family who is known as the karta. Why is joint hindu family business established in india. The joint hindu family business is an affectionate business and a distinct form of organization peculiar to india. The joint hindu family firm is the next noncorporate, group ownership form of family business operative in india. What are the main objectives of joint hindu family business. 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 features of joint hindu family business are as follows. This is special form of business organization, which now exists only in india. It is one of the oldest forms of business organisation in the country.
A hindu joint family means what in any system of law prevailing in india is known as a hindu joint family or coparcenary. A family when lives together with all family members up to 2nd generation like grand parents, parents, uncle, aunts and their children is called a joint family. A joint family or undivided family is an extended family arrangement prevalent throughout the. The operation of law creates a joint hindu family business. Joint hindu family business is the oldest and specific form of. Whenever, there is hindu undivided family, there is the scope for joint hindu family business. What are the aims and objectives of a joint hindu family. Study of your project now, for depth knowledge of this business, you can visit a joint hindu family business. Collection of common seals of different joint stock companies and the relevant information about common seals 5.
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