What do you mean by Joint Hindu Family Firm?

Hi Grag, hope you are doing well. With regards to your question I want to mention that Joint Hindu Family Firm (JUF) is a form or type of business organisation wherein the members of the same family can only manage and own the business. It is controlled under the Hindu Law instead of Partnership Act. The membership in this form of business organisation can be acquired only by birth or by marriage to a male person who is already a member of Joint Hindu Family. Hope this helps

Thanking you

Yours sincerely

Somenath

In India a large number of business are carried on in the shape of Joint Hindu Family (JHF) which are in essence individual entrepreneurs possessing almost all the advantages and limitations of sole proprietorship. A JHF comes into existence by the operation of law. If the business commenced by a person is carried on by male members of his family after his death, it is a case of JHF.

Except in West Bengal where Dayabhaga system of Hindu Law is prevailing, in the rest of India Mitakshara system of inheritance is in operation according to which three successive generations in the male line simultaneously inherit the ancestral property from the moment of their birth. Thus son, grandson, and great grandson become joint owners of ancestral property by reason of their birth in the family.