Joint Hindu Family Firm
Joint Hindu family firm is a unique firm of business organisation prevailing only in India. This is the firm belonging to joint hindu family and governed by the provisions of the hindu law.
In hindu law there are two schools -
(1) Mitakshara It is applicable to whole of India except the Bengal and Assam according to this school,
a hindu inherits the property from his father, grand father, and great grand father.
thus the three successive generation in the male line inherit the ancestral property.
(2) Dayabhaga It is applicable in Bengal and Assam. According to this, the male heirs become only on
the death of the father .
According to hindu law a business is an inheritable asset. After the death of hindu the business will be jointly owned by all the coparceners. The elder person among the coparceners becomes the new Karta and manages the business.
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