Question

Distinguish between a Joint Hindu family business and partnership.

Answer 1

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.