Accordingly, if two or more members of an huf carry on an inherited business, it is not a partnership because it has been created by status or obtained by birth and not by an agreement. Wherever, there is hindu undivided family, there is the scope of joint hindu family business. Objective of your study explicitly state the objective of your study 3. Joint hindu family business has generally limited financial and managerial resource. Basically, there are two kinds of members in a joint hindu family business, i. In joint hindu family business, it is the natural love and affection which the members are having for each. It is also helpful in times of crisis when everyone act as support pillar for. A social study of the benefits of the joint family system. Others members of the family are known as coparceners, who become the member of the business right at the time of their birth. Disadvantages of joint hindu family business 1 limited. Historically, for generations india had a prevailing tradition of the joint hindu family or undivided family. The institution of joint hindu family is very ancient. Some suggestions for family business planning, startups. A hindu joint family setup is an extended family arrangement prevalent which has an enormous legal significance in india.
The hindu law succession act, 1956 has extended the line of coparcenary interest to female relatives of the deceased coparceners and male relative claiming through such female relatives. A hindu joint family means what in any system of law prevailing in india is known as a hindu joint family or coparcenary. It does not have any separate and distinct legal entity from that of its members. The belief in dharma means that performing all the duties of a householder and raising children is a step on the way to achieving moksha. Write in your own words and avoid copying phrases and sentences from the article unless they are direct quotation.
Joint family helps foster love within a family so that people can be closer to each other for the good of the family. Joint hindu family business is a distinct type of organisation which is unique to india. The features of joint hindu family business are as follows. It has evolved from the ancient patriarchal family which can be described as the earliest unit of human society. Joint hindu family an affectionate business downloads at download free xls files,ebooks and documents publicly accessible titles july 2012 joint hindu family an affectionate business free pdf. Joint hindu family helps the local people to provide highquality products. Inner hsc organisation of commerce and management page 18. The joint family is very important and has a very significant gesture to the indians which is why many families prefer to hold such methods of coexistence. Dec 29, 2017 class 11 cbserbse joint stock company in hindi meaning, features, merits and limitations duration.
Besides this, you can include features, merits and limitations of joint hindu family business. Joint hindu family business cbse class xi business studies by ruby singh. Characteristics of a joint hindu family business 3. Joint hindu family firm is created by the operation of law. All the male members are blood relatives and all the women are either mothers, wives, unmarried daughters, or widowed relatives.
A family when lives together with all family members up to 2nd generation like grand parents, parents, uncle, aunts and their children is called a joint family. Everyone work as per his or her ability and gets as per need. Whenever, there is hindu undivided family, there is the scope for joint hindu family business. The head of the family is the head of the business also. Finally, the spirit of oneness prevails in a joint family system. This is special form of business organization, which now exists only in india. There is always a lack of motivation among the members to work hard. Of course the classic advice on this is not to mix business with family. This is not sufficient to meet the business requirements for expansion. Hindu undivided family huf the joint hindu family business or the hindu undivided family huf is a unique type of business entity. You can ask them about the number of members in the business. Thanks for the a2a as posted in the picture, the joint hindu family business is a family. Before understanding how they can be useful for startups, its important to first. The joint hindu family business is controlled under the hindu law instead of the.
Joint hindu family cannot be formed or created by any contract or agreement because this organization came into existence by the operation of the hindu law. The joint hindu family business plays a wide role in the growth of the economy. Aug 22, 2010 wherever, there is hindu undivided family, there is the scope of joint hindu family business. Joint hindu family an affectionate business need and importance. Joint hindu family business family marriage scribd. I read somewhere that 62 percent of the gross national product of the western world is produced by family businesses. Importance of joint hindu family an affectionate business. In joint hindu family business, there is no restriction on the maximum number of members. Joint hindu family business an affectionate business february 28, 2018 organization of commerce 2 4. Joint hindu family business an affectionate business creative. It also helps foster unity as living together means that they have to work together with the goal of a sustainable coexistence. Joint hindu family an affectionate business introduction downloads at download free xls files,ebooks and documents sg joint. Nowhere else in the world is this a legal form of business entity.
The joint hindu family firm is the next noncorporate, group ownership form of family business. Visit to a cooperative society, cooperative credit societies, patpedhis, consumer cooperative stores and prepare a report of such visits. Joint family fosters good social virtues like sacrifice, love, affection. Therefore, it cannot undertake big and risky business. Thanks for the a2a as posted in the picture, the joint hindu family business is a family business involves only the members of the family. Well, any person born into the family boy or girl up to the next coming three generations is a part of. Joint hindu family business class 11 linkedin slideshare. Joint hindu family can be regarded as the benefit to the business because by agreeing the contract the business will be run on the basis of the hindu law this establishment is done so that the businesses will not be broken down within the organization due to the petty reasons apart from this, the joint families are regarded as the.
The joint hindu family business is a distinct form of organisation peculiar to india. Discuss the principal drivers behind businesses adopting enterprise systems in this individual assignment, students are required to write a 2,500 to 2,600word essay on the following enterprise. A joint family or undivided family is an extended family arrangement prevalent throughout the indian subcontinent, particularly in india, consisting of many. In joint hindu family business, only manager has the implied authority. Let us learn about this form of organisation and its unique features. Simply, a hindu joint family would at best be described as, the lineal descendants and their dependants where, the former trace their origin to one common ancestor. Ive done business with my wife, daughter, soninlaw, and various mixtures of those. Improving entrepreneurship and family business effectiveness through research and sharing of best practices, and familybusiness. Jan 20, 2018 takes all the important decisions related to the business. This joint hindu family business an affectionate business project includes all the. Importance of joint hindu family include 1 secrecy there is a lot of secrecy in jhf. Features of joint hindu family business india study channel.
Why is joint hindu family business established in india. The joint hindu family business is an affectionate business and a distinct form of organization peculiar to india. Oct 21, 20 joint family is an empowered form of family. The joint hindu family firm is the next noncorporate, group ownership form of family business operative in india. It is not formed by any agreement like partnership firm. Davis, the joint family consists of males having a common male ancestor female offspring not yet married and women brought into the group by marriage. Class 11 cbserbse joint stock company in hindi meaning, features, merits and limitations duration. This establishment is done so that the businesses will not be broken down within the organization due to the petty reasons. Joint hindu family an affectionate business downloads at download free xls files,ebooks and documents publicly accessible titles july 2012 joint hindu family an affectionate business. The supreme court held in gowli buddanna that there need not be more than one male member to form a hindu undivided family alongwith female members vedathanni v. Joint hindu family business meaning, examples and conclusion. Joint hindu family business is the oldest and specific form of. A hindu joint family or hindu undivided family huf or a joint family is an extended family arrangement prevalent among hindus of the indian subcontinent, consisting of many generations living under the same roof. The manager of the hindu joint family or karta is required to declare all sources of income in form tj.
The eldest male member of the joint family is the karta, who is responsible for managing and controlling the business operations. A partnership comes into existence, by means of a contract between partners, whereas, a joint hindu family hereinafter referred to as huf arises as a result of status, i. The system is an extended family arrangement prevalent throughout the indian subcontinent, particularly in india, consisting of many generations living in the same home, all bound by the common relationship. What are the main objectives of joint hindu family business. Hindu joint family not equal to hindu undivided family. Study of your project now, for depth knowledge of this business, you can visit a joint hindu family business. What are the aims and objectives of a joint hindu family. Collection of common seals of different joint stock companies and the relevant information about common seals 5. Joint hindu family business project aims and objective. Joint hindu family business an affectionate business. Sep 01, 20 joint hindu family business is a distinct type of organisation which is unique to india.
When starting a business or is interested in expanding an existing one, an important decision. Important terms which are used in a joint hindu family business. A business, which continues from one generation to another generation is known as joint hindu family business or firm. A joint hindu family business is one that is owned by all the males in the family. The operation of law creates a joint hindu family business. Joint hindu family an affectionate business introduction downloads at download free xls files,ebooks and documents sg joint hindu family an affectionate business introduction.
It is governed and dictated by the hindu law, which is one of the several religious laws prevalent in india so who all are members of such an organization. The joint hindu family business or the hindu undivided family huf is a unique form of business organisation found only in india. Joint hindu family business is teaching the traditional methods business to the world. Joint hindu family business account linkedin slideshare. It is a joint hindu family business which is headquartered in mumbai. There are many joint family businesses in india, but i dont know what is a joint hindu family business. In this form of business ownership, all members of a hindu undivided family do business jointly under the control of the head of the family who is known as the karta. Joint hindu family business is a different type of organization, which is found only in india. Give an example of joint hindu family business in india. Joint hindu family business free download as word doc. As the head of the joint family, the karta has full control over business affairs of the family. But to have a clear understanding of the meaning of joint family we. Joint hindu family can be regarded as the benefit to the business because by agreeing the contract the business will be run on the basis of the hindu law.
What are the features of a joint hindu family business. Without sharing the family business to external parties and using the family business profit for the well being of particular family. Takes all the important decisions related to the business. It is given due recognition by the income tax act, 1961, and by the joint hindu succession act, 1956, but it lacks legal status. The two concepts are legally distinct, in the sense that a huf as a concept is used primarily for assessment of income tax and wealth tax while the hindu joint family is a concept defined under the personal laws marital laws, succession, adoption etc of hindus in india. There have been several questionnaires which aim to find out the role of the joint family in hindu businesses and. Joint or common property is another important characteristic of joint. Huf or hindu undivided familyis defined under the hindu lawas a family that consists of allpersons lineally descendedfrom a common ancestor,including wives and unmarrieddaughters. Find out the essential characteristics of joint hindu family business.
The unity among its members is a great strength to face and remove any obstacles with sheer courage. Aug 22, 2010 the features of joint hindu family business are as follows. Identify the most important details that support the main ideas. In this form of business ownership, all members of a hindu undivided family do business jointly under the. Sole proprietorship, joint hindu family business meaning, features, merits. Joint hindu family business, though is an enlarged form of sole trading concern but it enjoys stability.
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