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The Joint Hindu Family Firm is the next non-corporate, group ownership form of family
business operative in India. It is governed by the Hindu Law. In the Hindu Law, there are two
schools:
(i)
(ii)
The origin of the Joint Hindu Family firm is to be found in the principles of inheritance under
the second school i.e., Mitakshara school of Hindu Law. Under this school, the property of a
Joint Hindu Family is inherited by a Hindu from his father, grandfather, and great grandfather
is called ancestral property.
Thus, three successive generations in the male line (son, grandson, and great grandson) can
simultaneously inherit the ancestral property. This interest in inheritance is called
coparcenary interest and the members of the Joint Hindu Family. Hindu Undivided families
(HUF) Firm are called coparceners and the senior most as karta. In this group of coparceners,
however, the female members of the Joint Hindu Family are not included.
It should be carefully noted here that with the operation of the Hindu Succession Act, 1956,
the female relative of a deceased coparcener is eligible to receive only some share out of the
coparcenary interests of such a Coparcener.
The business will never end after the death of Karta. It will continue and appoint the other
eldest member of business, who takes the position of Karta. The nature of business is stable.
BASIS
PARTNERSHIP
Mode of
creation
Through an agreement
Status of
Minor
Rights of
Members
Accounts
Liability of
Members
Membership
Duration
Registration
Quick decision
Lack of motivation
Instability
Quick decision
The karta enjoys full freedom in managing the business. It enables him to take quick decision
without any interference.
That leads to efficient running of the business as Karta personal property is also on stake.
Continued existence
The business will never end after the death of Karta. It will continue and appoint the other
eldest member of business, who takes the position of Karta. The nature of business is stable.
Tax benefits:
HUF is regarded as an independent assesses for tax purpose. The share of co-parceners is not
to be included in their individual income for tax purposes.
Kalyan Bhel House is a renowned chaat and snack house operating since the last 30 years in
Pune.
The founder Mr.Rameshbhau commenced this esteemed snack house as a street vendor and as
they say fortune favors the brave, Mr.Rameshbhau in a short span of time expanded this chaat
and snack house business from a street vendor to acquiring 7-8 snack places in and around
Pune and many more coming up soon.
The goal is to satisfy the hunger of chaat and snack lovers and having loyal customers all
year around. Our esteemed customers visit us from all walks of life and we customize our
chaats and snacks as per their requirements. We also cater to party orders, weddings or any
other functions.
Testimonials
Mmmmmmmmmmm,Lai Bhaaree, Badhia hai yaar,yummy,Awesome,Wah! Kya
taste hai, superb,Its Amazing, Im full but I still want to eat some more. The above are
few of the testimonials stated by our esteemed customers who have relished and enjoyed our
chaat and snacks. The above compliments boost our moral and lift Kalyan Bhel House to be
the best in town for chaat and snacks.
One can run a business based on basic idea of business management but having the modern
technologies is place is really important today. The businesses rely on computers for
information management (billing, orders, menu, customers detail, employee pay etc).
Mr. Rameshbhau understands that he cant operate and manage business at the same time and
there was need for professionals to pitch in and take the management into their hands.
Communication has been the main issue in JHF as they have depending on outdated systems
and there was no one employed who was highly proficient in this area. Increase in business
demand the companies to ensure that they have all the modern technologies in place which
will ensure that the business is running smooth as well as the customers base stronger.
Management of organizational change
Implementation of any new information systems in the organization will bring out lot of
chaos and confusion among the members and the stakeholders. It is important to ensure that
appropriate change management strategies are in place to avoid any further problems in
accepting the new systems.
JHF decision to implements this new IS will completely change the current structure of the
business. As far as the company is concerned, currently all the staff members are well aware
of the problems hence they would welcome any change that will take away the problem and
help them in performing better.
1. Identification of problems and the problematic areas has already been done.
2. JHF will have relook into their vision and ensure that now they develop their future
plan and their aim that they want to achieve.
3. Communication the vision and the goals to the staff and stakeholders will ensure that
they are part of business and they make a difference.
4. JHF will have to tackle one problem at a time. If they will try to implement every
change at once, management issues will kick in. Hence first they need to take care of
the transaction related issues and then move onto to management of information and
communication systems.
No change can happen overnight, it is a gradual process and it will take its time.
CONCLUSION:
Even though JHF was able to start the business on a good note and got the attention of the
people, but they failed to understand the importance of changing market requirements and the
change in the perception and needs of the people. Over a period of JHF was unable to show
any evolution or development in terms of variety in food and the management of the
business.
The JHF business is losing its popularity now a days and the main cause for its decline is the
gradual breaking of the joint family system itself. The present day trends of industrialization
and westernization are giving way to individual/nuclear family system.
BIBLIOGRAPHY:
Websites:
https://tedneva.wordpress.com/2014/09/16/understanding-business
https://www.youtube.com/watch?v=Px_1r8a14Xs
http://www.kalyanbhel.com/