Students can go through AP Inter 1st Year Commerce Notes 4th Lesson Joint Hindu Family Business & Co-op Society will help students in revising the entire concepts quickly.
AP Inter 1st Year Commerce Notes 4th Lesson Joint Hindu Family Business & Co-op Society
→ Joint Hindu Family Business is also one of the kind of business units.
→ Joint Hindu Family Business is a form of business organisation run by Hindu Undivided Family, where in the family members of three successive generations own the business jointly.
→ The head of the family is known as ‘Karta’. He manages the business, and family.
→ In the JHF, other members are called ‘Co-parceners’. All of them have equal ownership right over the properties-of business.
→ The membership of the JHF is acquired by virtue of birth in the same family.
→ No restriction for minors to become the members of the business in JHF.
→ JHF business is governed by two laws i.e., ‘Dayabhaga’ and ‘Mitakshara’.
→ A cooperative society is formed particularly to provide services to its members and to the society in general.
→ Cooperative society enjoys perpetual succession.
→ According to the needs of the people cooperative socities are divided into different types.
→ Individuals, producers, consumers, farmers, etc. who are in need and wish to protect themselves can go for cooperatives.