Joint hindu family an affectionate business wikipedia downloads at download free xls files,ebooks and documents whatanicewebsit what a nice. It also helps foster unity as living together means that they have to work together with the goal of a sustainable coexistence. All business affairs are dealt with by the senior most male member of the hindu family. It is the raw form of data and thoroughly studied and hence, a helpful tool for secondary data. A project on joint hindu family should be presented in the below mentioned manner. Hey nitu, it is great that you are going to develop a project focusing on a joint hindu family. Joint hindu family cannot be formed or created by any contract or agreement because this organization came into existence by the operation of the hindu law. Organizations may partner to increase the likelihood of each achieving their mission and to amplify. A sole proprietorship form of business is very easy to form. The family business is the lifeblood of our global economy. Next joint hindu family business an affectionate business.
Huf or hindu undivided familyis defined under the hindu lawas a family that consists of allpersons lineally descendedfrom a common ancestor,including wives and unmarrieddaughters. What are some examples of a joint hindu family business. The joint hindu family firm is the next noncorporate, group ownership form of family business operative in india. Basic information 1 2 name of hindu joint family as registered with lhdnm. Finally, the spirit of oneness prevails in a joint family system. Thus, the business organisation in which a single person owns, manages. Joint hindu family business class 11 linkedin slideshare. A joint family includes kinsmen, and generally includes three to four living generations, including uncles, aunts, nieces, nephews, and grandparents living together in the same household. The term hindu undivided family has not been defined in the income tax act. This has been true throughout history and continues to be true today. You dont mix boss and subordinate relationships with parentchild or siblings or husbandwife.
The sole proprietorship form of business is the most simple and common in our country. Examples of joint hindu family business are reliance industries limited. Objective of your study explicitly state the objective of your study 3. In every society and at every stage of development we. Accordingly, if two or more members of an huf carry on an inherited business, it is not a partnership because it has been created by status or obtained by birth and not by an agreement. Dec 29, 2011 give an example of joint hindu family business in india. It means only one person or an individual is the owner of the business. It does not have any separate and distinct legal entity from that of its members. Basic information 1 2 name of hindu joint family as. Joint hindu family business has generally limited financial and managerial resource.
The joint hindu family business or the hindu undivided family huf is a unique form of business organisation found only in india. Forming a joint hindu family business is extremely easy, as no legal formalities are required to be fulfilled. It is a group composed of a number of family units living in separate rooms of the same house. The joint hindu family business is a distinct form of organisation peculiar to india. The system is an extended family arrangement prevalent throughout the indian subcontinent, particularly in india, consisting of many generations living in the same home, all bound by the common relationship. Primary data is data gathered for the first time by the researcher. A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. In a traditional joint hindu family, there is a subservient relationship between the wives of the brothers. You can ask them about the number of members in the business. People who are successful working with family separate the roles so you dont get into family behavior when youre talking about business. What are the aims and objectives of a joint hindu family. India based business house, haldiram, is an example of joint hindu family business, the history of company begins from bikaner in the year 1937 and from there haldiram has flourished well from a small corner shop to a company of worth 1500 crores. Tata sons private limited it is a joint hindu family business which is headquartered in mumbai. Partnership firm process and procedure 12th project.
Historically, for generations india had a prevailing tradition of the joint hindu family or undivided family. The payment must be for service to the family for commercial or business expediency. It is one of the oldest forms of business organization in the country. Newborn baby or marriage to a male person will be part of the joint hindu family. Joint hindu family business, though is an enlarged form of sole trading concern but it enjoys stability. Joint family helps foster love within a family so that people can be closer to each other for the good of the family. Even in india, its operations are restricted to certain regions. A hindu joint family setup is an extended family arrangement prevalent which has an enormous legal significance in india. The fundamental concept of such a hindu joint family where there is a common male ancestor with his lineal descendants in the male line. In joint hindu family business, it is the natural love and affection which the members are having.
A hindu joint family means what in any system of law prevailing in india is known as a hindu joint family or coparcenary. The manager of the hindu joint family or karta is required to declare all sources of income in form tj. I read somewhere that 62 percent of the gross national product of the western world is produced by family businesses. The business of joint hindu family is controlled under the hindu law instead. The traditional assumption behind such a deduction is that every hindu family is normally a joint family. Hindu joint family under mitakshara law the hindu joint family is a normal condition of the hindu society. The joint hindu family business is an affectionate business and a distinct form of organization peculiar to india. Well, any person born into the family boy or girl up to the next coming three generations is a part of. Family control over the circuits of capital within the business group. The indian partnership act excludes an huf carrying on family business as. A joint hindu family business continues to exist on the death of any coparcener. Advantages this system ensures a greater bonding between the members of the family. The joint hindu family system has been around in south asia for centuries. Joint hindu family business is a different type of organization, which is found only in india.
The cause of most family business problems is the crossover between different relationships. Of course the classic advice on this is not to mix business with family. In joint hindu family business, only manager has the implied authority. It is governed and dictated by the hindu law, which is one of the several religious laws prevalent in india so who all are members of such an organization. It often creates parasites who love to feed on others income. It is a specific form of business organization found only in india. Nowhere else in the world is this a legal form of business entity. Without sharing the family business to external parties and using the family business profit for the well being of particular family. The two concepts are legally distinct, in the sense that a huf as a concept is used primarily for assessment of income tax and wealth tax while the hindu joint family is a concept defined under the personal laws marital laws, succession, adoption etc of hindus in india. Joint hindu family firm is created by the operation of law. A partnership comes into existence, by means of a contract between partners, whereas, a joint hindu family hereinafter referred to as huf arises as a result of status, i. Income derived from business operations carried out in. Thanks for the a2a as posted in the picture, the joint hindu family business is a family business involves only the members of the family.
Write in your own words and avoid copying phrases and sentences from the article unless they are direct quotation. Joint hindu family an affectionate business project business studies business environment. It is given due recognition by the income tax act, 1961, and by the joint hindu succession act, 1956, but it lacks legal status. A joint family or undivided family is an extended family arrangement prevalent throughout the indian subcontinent, particularly in india, consisting of many generations living in the same household, all bound by the common relationship hindu undivided family huf is treated as a person under section 231 of the incometax act, 1961 herein after referred to as the act. The features of joint hindu family business are as follows. In joint hindu family business, there is no restriction on the maximum number of members. Joint hindu family business project aims and objective. A joint family or undivided family is an extended family arrangement prevalent throughout the indian subcontinent, particularly in india, consisting of many. The format for the presentation of data will depend on the target audience and the information that needs to be. I want to knw the conclusion of joint hindu familyan affectionate. When joint hindu family carries on a particular business from one generation to another generation called as joint hindu family business. Joint hindu family system authorstream presentation. The operation of law creates a joint hindu family business. Simply, a hindu joint family would at best be described as, the lineal descendants and their dependants where, the former trace their origin to one common ancestor.
A joint hindu family consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters. Joint hindu family business account linkedin slideshare. Give an example of joint hindu family business in india. Aug 22, 2010 wherever, there is hindu undivided family, there is the scope of joint hindu family business. Introduction family is one of the universal and permanent institutions of mankind. Joint hindu family an affectionate business share with your friends. Davis, the joint family consists of males having a common male ancestor female offspring not yet married and women brought into the group by marriage. Disadvantages of joint hindu family business 1 limited.
Cit 2 that to constitute a joint hindu family, it is not necessary that there has to. It is also helpful in times of crisis when everyone act as support pillar for. A hindu joint family or hindu undivided family huf or a joint family is an extended family arrangement prevalent among hindus of the indian subcontinent, consisting of many generations living under the same roof. Joint hindu family business meaning, examples and conclusion. Ive done business with my wife, daughter, soninlaw, and various mixtures of those. Besides this, you can include features, merits and limitations of joint hindu family business. Joint hindu family an affectionate business project 909111 1.
It preserves family values and business value within the family ensuring better decision making and preparedness for the next generation to come. In case of family business as all the parties in family are affected by loss incurred in company do not involve any sought of conflict and difference in point of view arises they try and solve it internally in the family ensuring business is not affected by the same. There is always a lack of motivation among the members to work hard. The joint hindu family business is controlled under the hindu law instead of the. Under this ownership of business, all members of a hindu undivided family do business jointly under the control of the head of the family.
Joint hindu family business free download pdf kupdf. Identify the most important details that support the main ideas. As per the latest income tax data released by the central board of direct taxes in. With a very small amount of capital one can start the business. However, a joint hindu family business can be dissolved any time either through mutual agreement between members or by partition. Joint hindu family business an affectionate business. As the name suggests, it is type of organization in which all the members of hindu undivided family manage and control the business with the direction of head of. The hindu undivided family in independent indias corporate. All the male members are blood relatives and all the women are either mothers, wives, unmarried daughters, or widowed relatives, all bound by the common sapinda relationship. Let us learn about this form of organisation and its unique features.
The unity among its members is a great strength to face and remove any obstacles with sheer courage. The vast majority of firms are family owned, and they account for a significant percentage of most countries gross domestic product. In rajasthan, 25 per cent of the households were found to be joint families, while in haryana the corresponding figure was 24. It may also contain background information about the organization or team attempting. Several states in north india cling on to joint families. Study of your project now, for depth knowledge of this business, you can visit a joint hindu family business. Some suggestions for family business planning, startups. Its origin can be traced to the ancient partriarchal system where the patriarch or the head of the family was the unquestioned ruler, laying down norms for the members of his family to follow. Legal formalities are minimum just like formation, it is. Therefore, it cannot undertake big and risky business.
Dec 29, 2017 class 11 cbserbse joint stock company in hindi meaning, features, merits and limitations duration. The joint family is very important and has a very significant gesture to the indians which is why many families prefer to hold such methods of coexistence. Even on the death of the karta, it continues to exist as the next seniormost family member becomes karta. Aug 22, 2010 this articles gives information about the features and characteristics of joint hindu family business.
The partners in a company may be individuals, businesses, interestbased organizations, schools, governments, or combinations. Such an assumption has been encouraged by the study of hindu law and scriptures where the normative hindu family is always joint. Oct 21, 20 joint family is an empowered form of family. Shifting beps project, india has also ratified the. Hindu joint family not equal to hindu undivided family. Jan 20, 2018 joint hindu family business class 11 1. Rut they deal only with a norm and not the reality.
What are the features of a joint hindu family business. Hindu undivided family huf the joint hindu family business or the hindu undivided family huf is a unique type of business entity. She is traditionally considered the mistress of the house and is in charge of running the household affairs and overseeing the servants if any. When all the members of a hindu undivided family run a business under the control and guide of karta the seniormost member of the family, such an association is joint hindu family business. Features of joint hindu family business india study channel. Joint hindu family an affectionate business project.
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