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Question
Distinguish between the following.
Joint Hindu Family firm and Partnership
Solution
| Basis of Difference | Joint Hindu Family Firm | Partnership Firm |
| Regulating Act | Governed by the Hindu laws & the Hindu Succession Act 1956. |
Governed by the Indian Partnership Act 1932. |
| Number of members | Minimum: 2 Maximum: No limit |
Minimum: 2 Maximum: 10 for banking business and 20 for other businesses |
| Minor | Minors can be members | Minors cannot be members |
| Liability | Liability of all members is limited, but the liability of the Karta is unlimited. |
Liability of the partners is unlimited |
| Management and control |
Management and control lie in the hands of the Karta. |
Management and control are shared by the partners |
| Decision making | All decisions are taken by the Karta. |
Any decision requires the consent of all partners. |
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RELATED QUESTIONS
In partnership the liability of partners of a firm is unlimited.
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A Joint Stock Company can raise huge capital.
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Long answer type question.
Define Joint Stock Company and explain its features.
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Group 'A'
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Group 'B'
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a. Public Company
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1. Father of Scientific Management
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b. Henry Fayol
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2. Corrective action taking.
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c. Controlling
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3. Commercial bank
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d. Reserve Bank Of India. (R.B.I.)
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4. Withdrawal after fixed period of time.
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e. Fixed deposit account
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5. Maximum 50 members.
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6. Central Bank
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7. Unlimited members
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8. Father of modern management
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9. Taking action against employees
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10. Withdrawal before the fixed period of time.
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Features of Joint Stock Company?
Define Partnership Firm and explain its features
State with reasons whether the following statement true or false.
In a partnership the liability of every partner of a firm is unlimited.
State Whether the Following Statement Are True Or False (Give Reason).
A partnership agreement cen be verbal or written.
State Whether the Following Statement Is True Or False (Give Reason).
The liability of the Karta is limited and that of coparceners is unlimited.
Explain the limitations of partnership.
The business assets of an organisation amount to Rs. 50,000 but the debts that remain unpaid are Rs. 80,000. What course of action can the creditors take if
(a) The organisation is a sole proprietorship firm
(b) The organisation is a partnership firm with Anthony and Akbar as partners. Which of the two partners can the creditors approach for repayment of debt? Explain giving reasons
Define the following business entities:
Partnership
The Partnership Act limits the maximum number of partners in a non-banking partnership firm to ______.
