Joint hindu family business and cooperative society - class-XI

AMUL (Anand Milk Union Limited) is a well-known Indian dairy cooperative society based in Gujarat.

In a Hindu Undivided Family (HUF), the head is the Karta, while the other male members who have a right to the ancestral property are known as coparceners.

Producers' cooperative societies are formed to help small producers in procuring raw materials or marketing their products. Haryana Handloom is an example of such a society.

A cooperative society is a separate legal entity. Its existence is independent of the status of its members, meaning it continues regardless of death, insolvency, or lunacy of any member.

Cooperative farming societies are formed by small farmers to pool their land and resources to improve agricultural productivity, which includes irrigation management.

Under the Cooperative Societies Act of 1912, a cooperative society is mandated to transfer at least 25 percent (one-fourth) of its net profits to a general reserve fund.

Cooperative societies are considered legal entities and are subject to income tax under the Income Tax Act, 1961, though they may enjoy certain deductions or exemptions.

The fundamental principle of a cooperative society is democratic control, which is expressed as one man, one vote, regardless of the amount of capital contributed.

Credit cooperative societies are established to provide financial assistance and credit facilities to their members, such as village service societies and urban banks.

APPCO (Andhra Pradesh State Handloom Weavers Cooperative Society) and Haryana Handloom are examples of producer cooperatives, as they assist in the production and marketing of handloom goods.

Co-operative marketing society is basically a trading firm in which all the members of the co-operative marketing form sell their product through society. e.g. Kendriya Bhandar.

A key feature of cooperative societies is that surplus or profit is distributed among members based on their participation or patronage, rather than just capital investment.

This is a duplicate of question 404899. The correct answer remains (1) & (4) - APPCO and Haryana Handloom. APPCO (Andhra Pradesh Pradesh Cooperative Marketing Society) is a producers' cooperative owned by farmers for agricultural marketing. Haryana Handloom is a producers' cooperative of weavers. The others represent different types: Kendriya Bhandar and Apna Bazar are consumer cooperatives, while the Gujarat federation is a secondary-level marketing organization.

A cooperative is defined as a voluntary association of individuals who join together to achieve common economic goals through mutual help.

The head of the joint hindu family business is known as Karta. Karta is usually the senior most male member of the joint family and he has the power to control the whole business.

The joint Hindu Family Business is normally managed by the senior member of the family and he is known as Karta. All the necessary powers, rights and responsibility to carry on the business is in the hands of the Karta.

In a Hindu Undivided Family (HUF), the head of the family who manages the business is called the Karta.

In an HUF, the business is owned jointly by all members of the family, not individually or separately.

HUF businesses are governed by Hindu Law, which dictates the rights and duties of the members and the Karta.

An HUF is created by the operation of Hindu Law, as it is a family-based entity rather than a contract-based one.

As established, members of an HUF own the business assets jointly by virtue of their birth into the family.

Traditionally, in the context of coparcenary rights in an HUF, male members (and now daughters under the Hindu Succession Amendment Act) get a share by birth. However, in the context of older curriculum questions, 'male members' is often the expected answer.

The Karta is the manager and head of the Hindu Undivided Family (HUF), responsible for its assets and income. An adopted son, being a member of the family, can indeed become the Karta if he is the eldest male member.

In a Hindu Undivided Family (HUF), the members other than the Karta are referred to as co-parceners. They hold a legal right to the family property by birth.