Question

Co‐operative society and Joint Hindu family firm.

Answer 1

Co - operative Society Joint Hindu Family Firm

Sr. No.	Basis of Difference	Joint Hindu Family Firm	Co - Operative Society
1	Meaning	It is a form of commercial organization. The ancestral (family) business is conducted by the family members of Joint Hindu Family. is created by the operation of Hindu Law.	A Co-operative society is a voluntary association of people who come together on the basis of unity and equality to protect and promote their common economic interest.
2	Creation	Joint Hindu Family firm is created by the operation of Hindu Law	Formation of co-operative society is comparatively cheaper.
3	Membership	There is no maximum limit on membership. Membership keeps on changing depends upon the birth and death in the family.	A minimum 10 members are required for formation of a co-operative society though there is no maximum limit
4	Motive	The main motto of a Joint Hindu Family is to run a family business and there by earning profits.	The main motto of a co-operative is to provide services to members. Profit making is its secondary objective.
5	Regulating Law	It is governed by the Hindu Law	Co-operative society is governed under Co-operative society Act, 1912.
6	Liability of Members	Only Karta’s liability is unlimited, co-parcener’s liability is limited.	The Liability of every member in a co-operative society is limited