Who becomes Karta in Joint Hindu family business a by voting of members B senior most male member C most educated member of family D Any member can become?
Now after partition of ancestral property of such a family, there will be small nuclear families of all the three sons consisting of their respective wives and two sons. So the sons (B, C, D) being the senior-most male members of their respective families will be deemed as karta.
Who is a Karta in business?
The term karta is used for the head of a joint Hindu family who runs a family business. The karta of a Joint Hindu family is responsible for carrying out the business operations of the family business and exercising full control over the business.
Who are the members of a joint family?
A joint family consists of a husband and wife, their sons, their unmarried daughters, and their sons’ wives and children. The same pattern (sons, their wives and children, and unmarried daughters) repeats for as many generations as are currently alive.
Who Cannot be a Karta?
2. Junior male member: In the presence of a senior male member, a junior male member cannot be the Karta. However, with the consent of all the coparceners, a junior male member can be appointed as a Karta.
What is the legal position of Karta in a joint Hindu?
Karta means manager of joint family and joint family properties. He is the person who takes care of day to day expenses of the family looks after the family and protects the joint family properties.
What is the main cause of decline in joint Hindu family business?
Explanation: Conflict or family quarrel has caused the breakdown of joint family system. Conflicts regarding family property, its income and expenditure, unequal distribution of work at home and personal clashes between women lead to the break-up of joint families.
Who can be a Karta?
Article 236 of the Mulla Hindu Law defines “Karta” as follows: Manager – Property belonging to a joint family is ordinarily managed by the father or other senior member for the time being of the family: The Manager of a joint family is called Karta.
What is created by law and only law can bring an end to its existence?
(a) Perpetual Succession Company is a legal entity separate of its owners or members. It can be brought to an end only by law as it is created by the law. … We can say that ‘perpetual succession’ implies permanent existence which is not affected by death, retirement insolvency of members.
What happens to joint Hindu family business if Karta dies?
The business continues to run in case of death of Karta or any other member of the family. … The business can, however, be terminated with the mutual consent of the members on their declaration that they are no longer a part of Joint Hindu family business.
Who comes under Hindu undivided family?
HUF is a separate entity for the purpose of assessment under the Act. Under Hindu Law, an HUF is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters. An HUF cannot be created under a contract, it is created automatically in a Hindu Family.