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What are the difference between partnership and a joint Hindu family business?
Wiki User
∙ 10y ago
- Partnership is the result of an agreement or act of parties. HUF is created by the operation of law.
- Each partner in a partnership firm is personally liable for the debts and liabilities of the firm to an unlimited extent. In an HUF, only the Karta or the manager is liable for the debts and liabilities of the firm.
- The death of a partner automatically dissolves a partnership whereas the death of a member does not affect an HUF.
- A minor cannot become a partner in a partnership firm whereas in the case of an HUF, a minor becomes entitled to an interest by virtue of his birth.
Wiki User
∙ 11y ago
Wiki User
∙ 10y agoJuojdx
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