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Question
Joint Hindu Family firm and Joint Stock company.
Solution
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Joint Hindu Family Firm
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Joint Stock Company
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Meaning
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When joint Hindu family conducts business, inherited by it as per Hindu law, it is called a Joint Hindu family firm.
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It is voluntary association of individuals for profit having capital divided into transferable shares, the ownership which is the condition of membership.
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There is no limit on the number of members since the membership keeps on changing depending upon the birth and death in the family.
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The minimum of number of members are 2 in private limited company and a maximum of 50. In a public limited company, minimum number of members are 7 and there is no maximum limit
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Liability
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Karta's liability is unlimited. Coparceners liability is limited.
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The liability of every shareholder is limited to the extent of the unpaid amount on shares held by him.
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Management
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Karta is the key manager of business who may be assisted by co-parceners to a limited extent.
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Board of Directors constitute the management of company. Directors run the business very efficiently since they possess the required expertise.
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Act / Law
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It is governed by the Hindu law.
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Joint stock company is controlled under the Indian companies Act, 1956
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RELATED QUESTIONS
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Select the proper option from the options given below and rewrite the completed sentence.
The Head of Joint Hindu family Business is called as ________.
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The maximum number of members is unlimited in Joint Hindu Family Firm.
Answer in one sentence.
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Explain the following term/concept:
Joint Hindu Family Firm.
Explain the following term/concept:
Karta.
Study the following case situation and express your opinion:
Mr. Raghunath is running a business from the last 30 years. This business is ancestoral business of Mr. Raghunath. Kiran and Naman, two sons of Mr. Raghunath are helping him along with their wives.
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- What Kiran and Naman are called?
Give one word /phrase/term.
The members of the joint Hindu Family firm.
Give one word/phrase/term.
The members of the Joint Hindu Family firm.
Give one word/phrase/term.
The members of the Joint Hindu Family firm.
Give one word/phrase/term.
The members of the Joint Hindu Family firm.
Give one word/phrase/term.
The members of the Joint Hindu Family firm.
