Under what law the joint Hindu family business is regulated?

The business of Joint Hindu Family is controlled under the Hindu Law instead of Partnership Act. The membership in this form of business organisation can be acquired only by birth or by marriage to a male person who is already a member of Joint Hindu Family.

What is Joint Hindu Family law?

Joint family is a fundamental aspect of Hindu Law in which the concept of joint family is where their common ancestor and his male lineal descendants along with other members such as wives, daughters, unmarried persons who stay together under one roof sharing everything in common.

Under which act the Hindu family business is governed?

(i) Formation: For a joint Hindu family business, there should be at least two members in the family and ancestral property to be inherited by them. The business does not require any agreement as membership is by birth. It is governed by the Hindu Succession Act, 1956.

Under what law the joint family system is regulated?

1. Governed by Hindu Law: The business of the Joint Hindu Family is controlled and managed under the Hindu law.

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What do you mean by Coparcenary under Joint Hindu Family?

Composition. Unlike the Joint Hindu Family, coparcenary consists of all male lineal descendants up to three generations from the last holder of the property. Senior-most member is called the ‘last holder’ and from him up to three generations i.e. son, son’s son, and son’s son’s son constitute the coparcenary.

Who controls joint family business?

The business is managed by the head of the family (eldest member) and he is called Karta. However, all the members hold equal ownership over the property of an ancestor and they are called as co-parceners.

What is the liability of Karta in joint Hindu family business?

(b) The joint Hindu family business is controlled by the head of the family who is the eldest member and is called Karta. The karta has unlimited liability while the liability of all other members is limited to their share of co-parcenery property of the business.

What is a joint family in India?

A joint family or undivided family is an extended family arrangement prevalent throughout the Indian subcontinent, particularly in India, consisting of many generations living in the same household, all bound by the common relationship.

What is a joint family for Class 1?

Joint family or big family is large in size consisting of members of 3 or more generation such as grandparents, parents, siblings, uncles, aunts and cousins living in one home.

What is the responsibility of the members of joint family?

Joint family performs a number of protective functions for its members. It acts as a safe home for the physically or mentally handicapped, sick, old members. It also acts as an asylum for the orphans. It also assures a proper living for the widows.

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What is a joint family class 4?

Joint family means a large family. In this type of family everyone lives together in one house. This family is consist of grandparents, parents uncle, aunt, cousin etc. … In this family the eldest member is the head of the family.