Study of your project now, for depth knowledge of this business, you can visit a joint hindu family business. Joint hindu family business is a type of business organization which is found only in india. When the ownership and management of business are in control of one individual, it is known as sole proprietorship or sole trader ship. The business of joint hindu family is controlled under the hindu law instead of partnership. Business organization owned by all the male members of an huf and managed by the head of the family. Joint hindu family business has generally limited financial and managerial resource. With a very small amount of capital one can start the business. Thanks for the a2a as posted in the picture, the joint hindu family business is a family business involves only the members of the family. What are the aims and objectives of a joint hindu family. The traditional assumption behind such a deduction is that every hindu family is normally a joint family. The management of the joint hindu family is in the hands of karta who is the head of the family. Joint hindu family business project aims and objective. It is not practised or followed elsewhere in the world. Hindu undivided family huf the joint hindu family business or the hindu undivided family huf is a unique type of business entity.
Joint hindu family an affectionate business project. Joint hindu family business account linkedin slideshare. A joint family or undivided family is an extended family arrangement prevalent throughout the. Income derived from business operations carried out in. Wherever, there is hindu undivided family, there is the scope of joint hindu family business. Joint hindu family business is a distinct type of organisation which is unique to india. Joint hindu family business is teaching the traditional methods business to the world. The joint hindu family firm is the next noncorporate, group ownership form of family business operative in india. Upload and share your knowledge on business related things. Understanding project management the hindu businessline. Project as a part of the functional organisation hybrid project functional organisation 43. Management general management forms of business organizations joint hindu family business huf. The old, established joint hindu family system facilitated a clear division of responsibilities between the old and the young in terms of decision making, the oldest male member in a patriarchal society is the head of household and would make all.
Accordingly, if two or more members of an huf carry on an inherited business, it is not a partnership because it has been created by status or obtained by birth and not by an agreement. It refers to a form of organization wherein the business is owned and carried on by the members of the hindu undivided. Therefore, it cannot undertake big and risky business. Historically, for generations india had a prevailing tradition of the joint hindu family or undivided family.
Joint hindu family business meaning, examples and conclusion. Essays, research papers and articles on business management. A partnership comes into existence, by means of a contract between partners, whereas, a joint hindu family hereinafter referred to as huf arises as a result of status, i. Family control over the circuits of capital within the business group. It is governed and dictated by the hindu law, which is one of the several religious laws prevalent in india so who all are members of such an organization. Over the last ten years, the authors of this article have used an interpretive research approach in our research endeavors to better understand family businesses. Shifting beps project, india has also ratified the. Well, any person born into the family boy or girl up to the next coming three generations is a part of. The fundamental concept of such a hindu joint family where there is a common male ancestor with his lineal descendants in the male line. There is no contractual relationship among coparceners, so it is not a partnership. These businesses are managed by all members of a joint hindu family.
Legal formalities are minimum just like formation, it is. Business studies project class 11 difference between branding and packaging. Joint hindu family business is the oldest and specific form of business organization found only in india. The joint family is very important and has a very significant gesture to the indians which is why many families prefer to hold such methods of coexistence.
An analysis of protests carried out by ships by w wichmann. The operation of law creates a joint hindu family business. Joint hindu family business free download as word doc. A sole proprietorship form of business is very easy to form. Disadvantages of joint hindu family business 1 limited. It is the result of hindu undivided family system followed in india. The joint hindu family business is an affectionate business and a distinct form of organization peculiar to india. It is one of the oldest forms of business organisation in the country. The karta in joint hindu family business has a limited liability b. Even within india its existence is restricted to only certain parts of the country.
Joint hindu family firm is created by the operation of law. The process of planning, organising, sta ng, directing and controlling the production of software. A way of e ciently acquiring information of a software project in a manner that is not immediately obvious or straightforward. In hazaris analysis the group consisted of a number of related and unrelated. Joint family helps foster love within a family so that people can be closer to each other for the good of the family. The joint hindu family business is a distinct form of organisation peculiar to india. In this form of business ownership, all members of a hindu undivided family do business jointly under the control of the head of the family who is known as the karta. Joint hindu family business, partnership, cooperative societies, and. The manager of the hindu joint family or karta is required to declare all sources of income in form tj. Forms of business organization joint hindu family business.
There is always a lack of motivation among the members to work hard. Joint hindu family firm hindu undivided family business huf. Very often the daughter in law faces different kinds of illtreatment by. The sole proprietorship form of business is the most simple and common in our country. View project management research papers on academia. The joint hindu family system has been around in south asia for centuries.
The entire control of the entity lies with the karta. It does not have any separate and distinct legal entity from that of its members. Get your team aligned with all the tools you need on one secure, reliable video platform. Joint hindu family business is a different type of organization, which is found only in india. Davis, the joint family consists of males having a common male ancestor female offspring not yet married and women brought into the group by marriage. This is one of the classical methods of business structure in the nation. Joint hindu family business family marriage scribd. It comes into existence by the operation of hindu law. Joint hindu family business project aims and objective, joint hindu family is a process of business or a.
The patriarchs wife generally exerts control over the household and minor religious practices and often. Information about the institute who gives career guidance. Joint hindu family business an affectionate business. Essays on business management, notes on business, articles on business development, list of definitions, class notes, study guides, presentations, research papers, project reports on business studies, latest techniques used for improving your business, acts, helpful notes, biographies of eminent business entrepreneurs of india.
All the affairs of a joint hindu family are controlled and managed by one person who is known as karta or. A methodology that eschews formal process paperwork and documentation. All business affairs are dealt with by the senior most male member of the hindu family. A joint hindu family is normally joint in worshipkitchenbusiness. What are the features of a joint hindu family business. The members are called coparceners and the head is called karta. A hindu joint family means what in any system of law prevailing in india is known as a hindu joint family or coparcenary. Joint hindu family business project aims and objective, joint hindu family is a process of business or a distinct form of organization. Create a visual presentation describing the application of effective project management processes, methodologies and knowledge areas. The system is an extended family arrangement prevalent throughout the indian subcontinent, particularly in india, consisting of many generations living in the same home, all bound by the common relationship. The joint hindu family business or the hindu undivided family huf is a unique form of business.
Foundation programme business environment and entrepreneurship paper 1 icsi house, 22, institutional area, lodi road, new delhi 110 003. Business perceptions of project management 56 status of central public sector projects 18 1. In a huf, the responsibility of karta is to manage the huf property. You can ask them about the number of members in the business, why they opted for joint hindu family business. Such an assumption has been encouraged by the study of hindu law and scriptures where the normative hindu family is always joint. It preserves family values and business value within the family ensuring better decision making and preparedness for the next generation to come. Joint hindu family business, though is an enlarged form of sole trading concern but it. The joint hindu family business is a distinct form of organization peculiar to india. Methods of raising finance for business mba knowledge base. The joint hindu family business is controlled under the hindu law instead of the. Hindu undivided family business it is a precise kind of business structure found only. When all the members of a hindu undivided family run a business under the control and guide of karta the seniormost member of the family, such an association is joint hindu family business. Characteristics of a joint hindu family business 3.