The Joint Hindu Family Business firm is different form of business organisation existing only in India. it comes in to existence by the operation of Hindu Law.
This form of business is based on the principles of Mistakshara Law, Under this Law the property is inherited by Hindu male( female in certain satates) from his/her father, grandfather, mis ancestral propert. THree sucessive generation become joint owner of the property by virtue of their birth in the family.
The inheritors of a join hindu family business are called co-parceners. It is to be noted that Hindu succession Act,1956 has extended the line of co-parcenery interest to the female member born in joint Hindu Family. In the state of Maharastra, the female memebers are eligable to co-parcener interest with effort from june 22,1994..
The properties Act, 1973 has passed the undivide intrest in the property of copancer to his window, even when he leaves male issues. This Act also provides that the window shall have same right to claim a share in the property as male owner.
The business whcich is jointly owned by memebr of joint hindu fanily is called as Joint HIndu Family Business. Three successive generation inherit the business by virtue of their birthy in the Hindu family. The business is managed by 'katas' the senior most memebr of the joint Hindu Family. The other memebers is called as co-panrceners, who assist the karta in the working of firm.