Joint hindu family firm an affectionate business plan

All the members of a joint family believe in a particular religion and worships common gods and goddesses.

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Thus living in a common residence all the members eats similar type of food, wear similar type of dresses and shows similar type of behavior.

It is only due to the untiring efforts of the founder Chairman, Mr.

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In other words there exists close blood relationships among the members of joint family. Being the eldest member he is orthodox in his attitude and temperament. Karta is the older male member of the family who controls and manages the business.

But to have a clear understanding of the meaning of joint family we must have to analyze some of its definitions given by different sociologists.

Joint family is a peculiar and unique social institution of Indian Society.

joint hindu family firm an affectionate business plan

The family moulds the personality of the individual and continues to exercise its influence throughout life. It nourishes and socializes its members. All the members of joint family keep their earnings in a common fund out of which family expenses are met.

Joint hindu family an affectionate business reference

The family is headed by a patriarch, usually the oldest male called "Karta", who makes decisions on economic and social matters on behalf of the entire family and has unlimited liability. Their liability is limited. The karta or the head of the family enjoy absolute authority in the family. It is not a Partnership. In other words, if Karta dies or becomes incapable of managing the business, then the succeeding co-parceners will act as Karta. Managing conflict effectively in the process of succession is crucial to preserving the impact family enterprise has on our economy and families themselves. Dynamic members do not find scope for utilization of their plan for development. There is division of work in a joint family. Inspite of its instrumental role in preserving the Indian social structure it has many things to its discredit. It comes into existence by the operation of Hindu law.

Joint or common property is another important characteristic of joint family. The co-parceners usually agree with the decisions taken by Karta in the conduct of business.

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Joint hindu family