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Question
Distinguish between the following.
Joint Hindu family firm and Sole Trading concern
Solution
| Basis of Difference | Joint Hindu Family Firm | Sole Trading Concern |
| Members | No limit on the maximum number of members in a family business. |
Has only one member (owner). |
| Continuity | It continues even after the death of the Karta. The next eldest member of the family becomes the Karta. |
It comes to an end after the death, lunacy or insolvency of the owner. |
| Sharing of profits | Profits and losses are shared by the coparceners. |
Profits or losses belong to the owner and are not shared with anyone. |
| Governance | It is governed by the Hindu laws & the Hindu Succession Act 1956. |
There is no regulating act. |
| Liability | Liability of all members is limited, but Karta has unlimited liability. |
Liability of the sole proprietor is unlimited. |
| Decision making | All decisions are taken by the Karta. |
All decisions are taken by the sole proprietor. |
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