What are the advantages and disadvantage of Joint Hindu Family Firm?
1. Every co-partner is guaranteed a “bare subsistence” irrespective of the extent of his contribution to the business.
2. There is a scope for younger members of the family to get the benefit of knowledge and experience of elder members of the family.
3. Members of the family are taught to work not only for their own benefit but also for the benefit of entire family without being selfish.
4. Sick, unemployed, old, bodily infirm, widows, and orphan family members are looked after by the other members of the family with due care.
5. This form of organization provides an opportunity to develop virtues of discipline, self-sacrifice, and co-operation.
6. Benefits of “division of labor” can be secured by assigning the work to members of the family as per their specialization.
7. As “Karta” enjoys full freedom in conducting family business, he can take quick business decisions and also can run the business without interference by others.
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