Joint Hindu family business is a
specific form of business organisation found only in India. It is one of the oldest forms of business organisation in the country. It refers to a form of organisation wherein the business is
of the Hindu Undivided Family (HUF).
It is governed by the Hindu Law. The
basis of membership in the business is
birth in a particular family and three
successive generations can be members
in the business.
The business is controlled by the
head of the family who is the eldest
member and is called karta. All
members have equal ownership right
over the property of an ancestor and
they are known as co-parceners.
systems. Dayabhaga system prevails
in West Bengal and allows both the
male and female members of the family
to be co-parceners. Mitakashara
system, on the other hand, prevails all
over India except West Bengal and
allows only the male members to be
co-parceners in the business.
specific form of business organisation found only in India. It is one of the oldest forms of business organisation in the country. It refers to a form of organisation wherein the business is
of the Hindu Undivided Family (HUF).
It is governed by the Hindu Law. The
basis of membership in the business is
birth in a particular family and three
successive generations can be members
in the business.
The business is controlled by the
head of the family who is the eldest
member and is called karta. All
members have equal ownership right
over the property of an ancestor and
they are known as co-parceners.
systems. Dayabhaga system prevails
in West Bengal and allows both the
male and female members of the family
to be co-parceners. Mitakashara
system, on the other hand, prevails all
over India except West Bengal and
allows only the male members to be
co-parceners in the business.
owned and carried on by the members
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