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suggestion about joint hindu family business for 12th project
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Joint family business
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#2
A common family or undivided family is an extended family agreement that prevails throughout the Indian subcontinent, particularly in India, which consists of many generations living in the same household, all linked by the common relationship. The Hindi Joint family business is a different form of organization peculiar to India. Hindu Joint Family Family is created by the operation of the law. It has no separate legal entity and distinct from its members.

The business of the Joint Hindu Family is controlled by Hindu Law instead of the Association Law. Membership in this form of business organization can be acquired only by birth or by marriage with a male person who is already a member of the Joint Hindu Family. There are two schools of Hindu Law: one is Dayabhaga, which prevails in Bengal and Assam and the other is Mitakshara prevalent in the rest of the country. According to the Mitakshara law, there is the right of a child by birth to the property of a common family. It means that, when a child is born as a family, it acquires an interest in the joint property of the family.

The business of the Joint Hindu Family is controlled and administered by a person called 'Karta' or 'Manager'. Karta or the manager works in consultation with other members of the family, but finally has one last word. The liability of Karta is unlimited, while the responsibility of other members is limited to their participation in the business. Therefore, three successive generations in the male line (son, grandson and great-grandson) can simultaneously inherit the ancestral property. This interest in the inheritance is called coparcenario interest and the members of the Joint Hindu Family. The Indian company of the undivided family (HUF) is called coparceners and the elder as Karta.
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