Distinguish between a joint Hindu family business and partnership
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\tBasisJoint Hindu Family BusinessPartnershipFormationThe business belongs to particular familyQuite easy.MembershipThe basis of memership in the business is birth in a particular family.Any person can became its member. Maximum —2 Maximum —10 Banking firms 20 other firmsLiability of MembersThe liability of Karta is unlimited but the liability of members is limited.Unlimited.ManagementThe business is controlled by the head of the family who is the oldest member and is called Karta.Managed by Partners.SecrecyKarta maintains secrecy.Relatively maintained.SuitabilityIt is a specific form of business fond only in India. It is a type of business which is owned and carried on by the members of HUF.For small and medium sized business.ActIt is governed by the Hindu law.It is governed by Partnership Act 1932.\t