Feature of Joint Hindu Family.

We know that business is a universal function that is performed every corner of the world to fulfill the need,desire,demand,want of people to increase their living standard.There are many forms of business.These are Sole Propritiership, Partnership,Joint Hindu Family, Joint Stock Company,Cooperative Socities and so on.Every form of business has its own merit,demerit,features application and so on.Among all Joint Hindu Family is one of the popular form of business.It is present and popoular in India and other country,continent where Hindu live.
A Joint Hindu Family is a group of relatives tied together by ties of kinship and marriage and descended from a common ancestor.It consists children, children's children down the line spouses.

* Features of Joint Hindu Family - There are many features of Joint Hindu Family.These features are as below-
  1. Natural Formation- It is created natural. It can not be formed by any agreement or contract.
  2. No registration require- It is second features of joint hindu family. There is no legal need to register joint hindu family.
  3. Membership- Co parceners are important member of family. New member join family by birth. There is no limit on membership.
  4. Management- Karta is the first member of family. He manages all matter of family. He takes all decisions for the development of family.
  5. Liability- Karta faces all liabilities of family. He has maximum liabilities. The liability of co parceners is limited.
  6. Sharing equal profit- According to hindu succession act 1956 all members get equal profit of firm that is operated by family.
  7. Legal Status- Its legal status is low. It is not a formal organisation so government does not provide any financial benefit to family.
  8. Long Life- The life of joint hindu family is long. It is not affected due to death, insolvency, of any members. After the death of karta one of co parceners becomes karta.
  9. Flexibility- This type of firm get maximum flexibility. They change, expand, the business. There is no need of government approval to change, expand business.
  10. Credit facality- This type of firm gets maximum credit from market because karta has separate identification, recognisation in the market.

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