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Question
Distinguish between a Joint Hindu family business and partnership.
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Solution
|
Basis of difference |
Joint Hindu Family Business |
Partnership |
|
Governance |
Governed by the Hindu law. |
Governed by Partnership Act, 1932. |
|
Liability |
The head has unlimited liability, while the liabilities of other members are limited to the extent of their share in the business. |
All the partners have unlimited liability. |
|
Decision making and control |
The karta is responsible for the management and control of the business. |
All the partners jointly manage and control the firm. |
|
Number of members |
Minimum: 2 Maximum: No limit |
Minimum: 2 Maximum: 10 for the banking business and 20 for other businesses |
|
Minor |
Minors can be members. |
Minors cannot be members. |
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