Difference between Joint Hindu Family Firm and Partnership Firm
Basis of Difference
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Joint Hindu Family Firm
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Partnership Firm
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Regulating Act
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Governed by the Hindu laws & the Hindu Succession Act 1956.
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Governed by the Indian Partnership Act 1932.
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Number of members
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Minimum: 2
Maximum: No limit
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Minimum: 2
Maximum: 10 for banking business and 20 for other businesses
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Minor
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Minors can be members.
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Minors cannot be members
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Liability
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Liability of all members is limited, but the liability of the Karta is unlimited.
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Liability of the partners is unlimited.
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Management and control
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Management and control lie in the hands of the Karta.
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Management and control are shared by the partners.
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Decision making
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All decisions are taken by the Karta.
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Any decision requires the consent of all partners.
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