Tag: introduction to huf

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Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

Who has the power to transfer the joint property of HUF so as to bind the interest of both adult and minor coparceners?

  1. Son's of the HUF

  2. Daughters of the HUF

  3. All the co-parceners of HUF

  4. Karta of HUF
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

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.

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

The affairs of business are managed by the head of the family, who is known as the________.

  1. KARMA

  2. KARTA

  3. KARMAVIR

  4. KARVIR
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

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

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

The HUF form of business all the members of a hindu undivided family own the business ________.

  1. Individually

  2. Separately

  3. Jointly

  4. With society
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

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

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

The Hindu Undivided Family business is governed by ____________.

  1. Contract law

  2. Hindu law

  3. Muslim law

  4. Company law
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

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

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

Hindu Undivided family is formed or created in accordance with the __________.

  1. Indian Companies Act

  2. Indian Partnership Act

  3. Hindu Law

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

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

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

In HUF business, all the members own the business jointly.

  1. Partly true

  2. True

  3. Partly false

  4. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

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

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

In a Hindu Undivided Family business only the ________ get a share in the business by virtue of their being part of the family.

  1. Female members

  2. Male members

  3. Both (A) and (B)

  4. Either (A) or (B)
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

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.

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

Statement X :
Karta is the custodian of the income and assets of the HUF
Statement Y:
An adopted son who is the eldest in the family can be qualified to be a Karta of HUF.

  1. X is true but Y is false

  2. Y is true but X is false

  3. Both X and Y are false

  4. Both X and Y are true
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

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.

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

Member in HUF other than KARTA are called as _______________.

  1. Co-parceners

  2. Co-partners

  3. Co-manager

  4. Co-karta
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

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.

Multiple choice organization of commerce and management ownership structures - sole proprietorship and joint hindu family business hindu undivided family business introduction to huf joint hindu family business

Identify which statement is true and which is false?
$1.$ Any person can become member of HUF.
$2.$ In a HUF business, in the event of death of any of the co-parcener, his wife can claim share of profit.
$3.$ In a HUF business, the liability of the karta is Unlimited.
Select the correct answer from the options given below.

  1. $2$ and $3$

  2. $1$ and $3$

  3. $3$ and $2$

  4. None of above
Reveal answer Fill a bubble to check yourself
A Correct answer