Maharashtra State BoardHSC Commerce 12th Board Exam
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Write Short Note on the Following. Features of Joint Hindu Family. - Organisation of Commerce and Management

Short Note

Write short note on the following.
Features of Joint Hindu family.

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Features of a joint Hindu family business:
i. Formation: The formation of a joint Hindu family business requires the existence of ancestral property. Also, at least two
members are required for its formation.
ii. Control: The Karta is solely responsible for all the management decisions of the business.
iii. Continuity: The continuity of a joint Hindu family business remains unaffected by the death of the Karta as the next eldest
member becomes the Karta.
iv. Unlimited liability: The Karta being the head of the joint Hindu family has unlimited liability.
v. Status of minors: A minor also has membership rights in the business; that is, membership in the business is acquired by
virtue of birth.
vi. Quick decision making: Complete control by the Karta enables proper administrative functioning and quick decision

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Micheal Vaz Organisation of Commerce and Management (OCM) HSC 12th Standard Maharashtra State Board
Chapter 1 Forms of Business Organisations
Distinguish between the following | Q 7 | Page 39
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