Explain the features of a joint Hindu family firm.
1. Formation : It is formed as per the Hindu law. Each member becomes coparcener by birth .
2. Karta and coparcener : The senior most member of joint Hindu Family becomes karta and other members
3. Membership : The membership of Joint Hindu Family firm is unlimited
4. Management : Karta is only manager, controller and co-ordinator of the business managing it in the interest
5. Joint ownership : The property of Joint Hindu Business is jointly owned by the three generations after him.
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- Hindu Undivided Family Business or Joint Hindu Family Business