What do you mean by Joint Hindu Family firm ?

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 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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