Chapter 4, joint hindu family business and cooperative society. So the life of a company is in no way related to the life of its members. 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 material respects from the western family system. There is always a lack of motivation among the members to work hard. Joint hindu family business class 11 linkedin slideshare.
Cbse class xi business studies forms of business organisation joint hindu family business 11th class chapter 2nd part1. Joint hindu family business an affectionate business. Even daughter in lawswidowed daughters who has returned back to their parental side are part of a hindu joint family. Davis, the joint family consists of males having a common male ancestor female offspring not yet married and women brought into the group by marriage. The joint hindu family business is an affectionate business and a distinct form of organization peculiar to india. Do you need an answer to a question different from the above. It is one of the oldest forms of business organization in the country. Nowhere else in the world is this a legal form of business entity. Find out the essential characteristics of joint hindu family. It does not have any separate and distinct legal entity from that of its members. The operation of law creates a joint hindu family business. Hindu undivided family huf the joint hindu family business or the hindu undivided family huf is a unique type of business entity. Joint hindu family business, though is an enlarged form of sole trading concern but it enjoys stability. A joint hindu family business is not dissolved on the death, lunacy or insolvency of any of the copartners.
Joint hindu family business an affectionate business february 28, 2018 organization of commerce 2 4. All the male members are blood relative and all women like mothers, wife, sister, unmarried daughter and widow relatives all bound the common relationships. 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, there is no restriction on the maximum number of members. Joint hindu family business meaning, examples and conclusion. The joint family, the caste system and the village system are often regarded as the pillars on which the whole hindu social edifice is built. The joint hindu family system has been around in south asia for centuries. In this lesson let us find out more about these types of business organisations. Features of joint hindu family business india study channel. Joint hindu family business is a different type of organization, which is found only in india. Therefore, it cannot undertake big and risky business. Features merits introduction limitations examples 3.
Joint hindu family business project aims and objective. Forming a joint hindu family business is extremely easy, as no legal formalities are required to be fulfilled. 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. Disadvantages of joint hindu family business 1 limited. Another form of business which is owned by the members of a joint hindu family and in which the family possesses some inherited property. Joint hindu family an affectionate business project. 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. In joint hindu family business, only manager has the implied authority. A joint hindu family is headed by a karta, who is normally the eldest living male member of the family. The joint stock company is born out of the law, so the only way for the company to end is by the functioning of law.
What are the features of a joint hindu family business. Wherever, there is hindu undivided family, there is the scope of joint hindu family business. It preserves family values and business value within the family ensuring better decision making and preparedness for the next generation to come. The unity among its members is a great strength to face and remove any obstacles with sheer courage. This joint family system is a peculiar characteristic of the indian social life. It is a specific form of business organisation found only in india. Oct 21, 20 joint family is an empowered form of family. The joint hindu family business is a distinct form of organisation peculiar to india.
Joint hindu family business is the oldest and specific form of business organization found only in india. It is the result of hindu undivided family system followed in india. Joint hindu family business free download pdf kupdf. Aug 22, 2010 wherever, there is hindu undivided family, there is the scope of joint hindu family business. Hindu succession act areas of law law library advocatekhoj. It is not practised or followed elsewhere in the world.
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. 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. These businesses are managed by all members of a joint hindu family. Let us learn about this form of organisation and its unique features. Jul 29, 2017 cbse class xi business studies forms of business organisation joint hindu family business 11th class chapter 2nd part1. It is governed and dictated by the hindu law, which is one of the several religious laws prevalent in india so who all are members of such an organization. It is not formed by any agreement like partnership firm. Joint hindu family business has generally limited financial and managerial resource. Joint hindu family firm is created by the operation of law.
Members or shareholders of a company keep changing, but this does not affect the companys life. 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 often creates parasites who love to feed on others income. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. The joint hindu family jhf business is a form of business organisation run by hindu undivided family huf, where in the family members of. It is a specific form of business organization found only in india. This is a presentation that i had made on joint hindu family business hope people find it useful. A joint venture jv is a business agreement in which the parties agree to develop, for a. Improving entrepreneurship and family business effectiveness through research and sharing of best practices, and familybusiness. Finally, the spirit of oneness prevails in a joint family system. The joint family is the bedrock, on which hindu values and attitudes are built.
The joint business is an extended family agreement at common place through out indian subcontinent, particularly in india, subsisting of many generations living in the same house. A joint family or undivided family is an extended family arrangement prevalent throughout the indian subcontinent, particularly in india, consisting of many. Aug 22, 2010 the features of joint hindu family business are as follows. A joint hindu family is normally joint in worshipkitchen business. You can ask them about the number of members in the business, why they opted for joint hindu family business. Well, any person born into the family boy or girl up to the next coming three generations is a part of. Hindu undivided family business it is a precise kind of business structure found only in india. A hindu joint family setup is an extended family arrangement prevalent which has an enormous legal significance in india. Joint hindu family business project aims and objective, joint hindu family is a process of business or a distinct form of organization. A joint family may encompass countless generations. Dec 29, 2017 class 11 cbserbse joint stock company in hindi meaning, features, merits and limitations duration.
The joint hindu family business or the hindu undivided family huf is a unique form of business organisation found only in india. A hindu undivided family or huf is a legal term related to the hindu marriage act. It comes into existence by the operation of hindu law. The business of joint hindu family is controlled under the hindu law instead. Jan 20, 2018 joint hindu family business class 11 1. All business affairs are dealt with by the senior most male member of the hindu family. The joint hindu family firm is the next noncorporate, group ownership form of family business operative in india. The joint hindu family business is controlled under the hindu law instead of the. Shifting beps project, india has also ratified the.
1089 1510 422 1147 885 582 1510 994 86 322 1175 279 589 384 398 1374 1264 182 1223 620 947 1024 1054 51 1015 1238 1348 675 773 488 1214