Tamilnadu Samacheer Kalvi 11th Commerce Notes Chapter 5 Hindu Undivided Family and Partnership Notes
→ The Joint Hindu Family Business is a distinct form of organisation peculiar to India.
→ “When two or more families agree to live and work together, invest their resources and labour jointly and share profits or losses together, then this family is known as composite family or HUF”
→ There are two schools of Hindu Law-one is Dayabhaga which is prevalent in Bengal and Assam and the other is Mitakshara prevalent in the rest of the-country.
→ The business of the Joint Hindu Family is controlled and managed under the Hindu law.
→ All the affairs of a Joint Hindu Family are controlled and managed by one person who is known as ‘Karta’ or ‘Manager’.
→ Partnership form of organisation is an extension of the sole proprietorship.
→ According to Prof. Haney, “The relations which exist between persons, competent to make contracts, who agree to carry on a law fill business, in common with a view’ to private gain”.
→ According to Spriegal, “Partnership has two or more members each of whom is responsible for the obligatory requirements of the partnership. Each of the partners may bind the others and the assets of the partners may be taken for debts of partnership”.
→ Every partner is jointly and severally liable for all acts of the firm.
→ Partnership formed to carry on business for an undefined period is called partnership at will.
→ Where a partnership is formed for a definite period of time, it is known as partnership for a fixed term.
→ When a partnership is formed to carry on a particular venture or a business of temporary nature, it is called particular partnership.
→ Limited Liability Partnership is very popular in the service sector and in the small scale business enterprises.
→ In India “The Limited Liability Partnership (LLP) Act, 2008” was published in the Official Gazette of India on January 9,2009 and has been notified with effect from 31st March 2009.
→ A partner who takes an active part in the conduct of the partnership business is known as an active partner.
→ A secret partner is one whose association is not known to the general public.
→ Under the Indian Majority Act, person who has not completed 18 years of age is a minor.
→ A partner of an unregistered firm cannot sue the firm or other partners for enforcing his rights under the partnership deed.
→ Dissolution of Partnership is different from the dissolution of partnership firm.
→ Good health is the primary goal of any individual, society or the nation as a whole.