| Topic : Business Opportunities in Legal Industry |
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Posted in Community :
Legal Service Providers
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Activity:
16 views;
last activity : 08 02 2011 11:09:23 +0000
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Family and Domestic issues relation to marriage, divorce, property share
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Hindu Undivided Family business
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Ideas in:
"What are legal needs of Family?"
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Housing and real property Personal finances and consumer Community and regional Family and domestic issues Employment-related Personal and economic injury Health and health related Wills/Estates/Advance directives Public benefits problems Small business and farm issues Children’s schooling problems Other civil rights/liberties Vocational training-related Discrimination-related Legal needs of immigrants and speakers of other languages
Problems of Native peoples Military and veterans issues Discrimination by state Violation of fundamental rights Loan and finance recovery relate |
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by
Manoj Pande, Corporate Advisor
| 08 02 2011 11:09:23 +0000
Almost all aspects have been covered. Thanks
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Thanks Mr. Rajesh for this post. Since you have mentioned almost every probable issues that may crop up in every family to seek legal opinion, I thought, this paradoxical issue of HUF business needs a little highlight. Hence this post.
The HUF is recognized in Indian Hindu law. All male members of the family, known as "co-parceners," operate the business together under the leadership of the head of the family, known as the Kartha. Legally, the Kartha can commit an HUF company to a joint venture, as its representative, but the company cannot commit to anything without him. In effect, any deal is simply done with the Kartha-and he accepts legal responsibility in person when he makes the deal. There is no legal requirement for this kind of business to be registered, although the family still enjoys the same legal rights as non-family firms. While the Kartha alone has the legal right to manage the business, and has unquestioned authority in relation to all company decisions, the family as a whole has unlimited liability for any decisions that are made.
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