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.No | Basis of Difference | Partnership Firm | Joint Hindu Family Firm |
| 1. | Meaning | Two or More persons come together for some business activity & agree to share profit & loss is called partnership firm | JHF conducts business inherited as per Hindu law, is called Hindu Joint family firm. |
| 2. | Creation | Partnership firm emerge out of contact between two person | JHF, firm created by the Operation of Hindu law |
| 3. | Membership | Partnership firm owned by two or more and maximum 10 in banking and 20 in other firms | There is no limit. Since membership keep changing depend upon the birth and death |
| 4. | Management | All partners have equal managerial right | Karta is main key manager |
| 5. | Minor Member | A minor member can be admitted to the benefits of partner with the consent of all the partner | A male minor becomes a member by his birth |
| 6. | Regulating law | Governed by the Indian Partnership Act, 1932. | Its governed by Hindu law |
| 7. | Liability of Members | Liability of all the partners is unlimited | Only karta liability is unlimited, co-percener’s liability is limited. |