Distinguish Between – Partnership Firm and Joint Hindu Family Firm

Distinguish Between

Partnership Firm and Joint Hindu Family Firm.

HSC – Organization of Commerce and Management – Notes,  & Distinguish Between – according to the New Textbook. Difference between joint hindu family business and partnership

Sr.NoBasis of DifferencePartnership FirmJoint Hindu Family Firm
1.MeaningTwo or More persons come together for some business activity & agree to share profit & loss is called partnership firmJHF conducts business inherited as per Hindu law, is called Hindu Joint family firm.
2.CreationPartnership firm emerge out of contact between two personJHF, firm created by the Operation of Hindu law
3.MembershipPartnership firm owned by two or more and maximum 10 in banking and 20 in other firmsThere is no limit. Since membership keep changing depend upon the birth and death
4.ManagementAll partners have equal managerial rightKarta is main key manager
5.Minor MemberA minor member can be admitted to the benefits of partner with the consent of all the partnerA male minor becomes a member by his birth
6.Regulating lawGoverned by the Indian Partnership Act, 1932.Its governed by Hindu law
7.Liability of MembersLiability of all the partners is unlimitedOnly karta liability is unlimited, co-percener’s liability is limited.

 

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