How is profit distributed in joint Hindu family business?

In Joint Hindu Family Business, distribution of profit is equal in all members. Capital is contributed by large financial resources. Ancestral property can be transferred to create a capital in joint Hindu Family Business.

What is Jhf explain in details features of Jhf?

(1) Formation: 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”. He is free to take any decision without any interference of any co-parceners but he can take advice and help from the family members.

What are the advantages of Jhf?

Increased loyalty and cooperation : In a Joint Hindu Family Business, chances of great coordination among the members are more because they all belong to the same family. Hence, chances of loyalty towards business are more as compared to other forms of organisations.

Why is Jhf business unique?

Joint Hindu Family Firm is created by the operation of law. It does not have any separate and distinct legal entity from that of its members. The business of Joint Hindu Family is controlled under the Hindu Law instead of Partnership Act.

What is Jhf business?

The Joint Hindu Family (JHF) business is a form of business organisation run by Hindu Undivided Family (HUF), where in the family members of three successive generations own the business jointly. The head of the family known as karta manages the business.

Who can take Jhf?

A male member, his wife and daughter or a single male member and a widow of coparcener or even two widows can constitute JHF.

What is the meaning of JHF business write any three features of it?

1. Formation : At least two members and ancestral property to be inherited by them is the basic requirement. An individual becomes a member by birth; therefore, no agreement is required. 2. Liability : The liability of Karta is unlimited while that of the other members is limited to the extent of their share.

What is Jhf?

Who only can take a part of JHF?

A male member, his wife and daughter or a single male member and a widow of coparcener or even two widows can constitute JHF. The rule is that even on the death of sole surviving coparcener the JHF does not come to an end so long as it is possible in nature of law to add a male member to it (i.e. by adoption).

Who can be the members of Dayabhaga system of family business?

(1) Dayabhaga System It prevails in West Bengal & Assam and allows both the male and female members of the family to be co-parceners. A son gets right in the ancestral property only after the death of his father.

What is joint Hindu family Jhf business?

The Joint Hindu Family (JHF) business is a form of business organisation run by Hindu Undivided Family (HUF) , where the family members of three successive generations own the business jointly. All of them have equal ownership right over the properties of the business.