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Question
Justify the following statement.
The liability of Co-parceners is limited in ‘Joint Hindu Family Business’.
Solution
- In a Joint Hindu Family Business, there are two types of members Karta and Co-parceners.
- Karta has unlimited liability and he is the only decision making authority. The Co-parceners have limited liability and therefore cannot take part in the management of the firm. They can only share the profit but cannot challenge decisions taken by the Karta.
- The liability of coparceners is limited up to the extent of their share in the Joint Hindu Family Business.
- The personal property of co-parceners is not used for payment of the liability of the Joint Hindu Family business.
- Thus, the liability of Co-parceners is limited in ‘Joint Hindu Family Business’.
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