The Total solution for NCERT class 6-12
Difference between Joint Hindu family business and Partnership
Basis of difference
Joint Hindu Family Business
Partnership
Governance
Governed by the Hindu law.
Governed by Partnership Act, 1932.
Liability
The head has unlimited liability, while the liabilities of other members are limited to the extent of their share in the business.
All the partners have unlimited liability.
Decision making and control
The karta is responsible for the management and control of the business.
All the partners jointly manage and control the firm.
Number of members
Minimum: 2
Maximum: No limit
Maximum: 10 for the banking business and 20 for other businesses
Minor
Minors can be members.
Minors cannot be members.