Difference between joint family and ordneary partnership
srinivasan
(Querist) 03 July 2009
This query is : Resolved
Sir the partnership business started with family members alown and with not with strangers,Partnership with father,and two sons with joint family funds of father.what is the difference between joint family business and ordnery partnership business.The business started from the jointfamily newcless and countined,Will the daughter of that family get equal right in the joint family partnership business along with the sons after the death of her father in 2008 interstste.Will she get equal right along with the sons.according to the hindu succession act 2005.
PALNITKAR V.V.
(Expert) 03 July 2009
joint family business is different from the partnership. In partnership, the profit and loss is according to the share capital or as per the agreement.Similarly, in the case of death of a partner, his share devolves as per succession Act if there is no any agreement. But in joint family business, the shares are governed by the Hindu Succession Act after death of a co-sharer.
Kiran Kumar
(Expert) 03 July 2009
quite a large question.
both the Ld. friends are correct.
there are other larger points also, better to have a look at book.
