Commerce · Class 11 Commerce
Ch 5Hindu Undivided Family and Partnership — Class 11 Commerce, concept-first.
A Hindu Undivided Family (HUF) business, also called a Joint Hindu Family business, is a form of business organisation found only in India. It does not arise out of any agreement between its members — unlike a partnership — but out of the operation of Hindu law itself.
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
Meaning and Features of Partnership
Partnership, as defined by Section 4 of the Indian Partnership Act, 1932, is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
Most relevant Q&A
- Partnership is defined under which Section of the Indian Partnership Act, 1932? (a) Section 2 (b) Section 4 (c) Section 6 (d) Section 8Free
- In a partnership firm, unless the Deed provides otherwise, the liability of each partner for the firm's debts is: (a) Limited to the capital…Preview
- Define 'partnership' as given in Section 4 of the Indian Partnership Act, 1932, and identify the elements this definition lays down.Free
- Explain the essential features of a partnership.Free
- A partnership is formed by ________. (a) agreement (b) relationship among persons (c) the direction of government (d) friendshipPreview
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Hindu Undivided Family (HUF) Business — Meaning, Karta and Coparceners
A Hindu Undivided Family (HUF) business, also called a Joint Hindu Family business, is a form of business organisation found only in India.
Merits and Limitations of HUF Business
Merits of HUF business:
Meaning and Definition of Partnership
A partnership is a form of business organisation that, unlike an HUF business, arises purely out of an agreement between its members.
Features of Partnership
From the Section 4 definition, the essential features of a partnership can be drawn out:
Types of Partners
Not every partner plays the same role in a firm. The commonly recognised types are:
Partnership Deed
A partnership can, in principle, be formed by a purely oral agreement, since the Indian Partnership Act, 1932 does not require it to be in writing.
Registration of a Partnership Firm
Under the Indian Partnership Act, 1932, registration of a firm is not compulsory — a partnership can be validly formed, and can carry on its business, without ever being registered.
Merits and Limitations of Partnership
Merits of partnership:
Sample & Board Papers
Sample papers and previous-year board questions for this subject.
+−Show 13 questionsHide questions13 questions
- Q1A partnership is formed by ________. (a) agreement (b) relationship among persons (c) the direction of government (d) friendshipPreview
- Q2Define Partnership.Preview
- Q3(a) How many types of partners are there ? Explain any five types of partners. OR (b) Write short notes on : (i) Discounting Bills (ii) Endo…Preview
- Q4A partnership is formed by ________. (a) the direction of government (b) agreement (c) friendship (d) relationship among personsPreview
- Q5Who is called a partner?Preview
- Q6Suresh started a business on his own. His father and brother helping in his business. What kind of business organisation is this and give a…Preview
- Q7The members in the Hindu undivided family are called ______. (a) Generations (b) Karta (c) Partners (d) CoparcenersPreview
- Q8Explain any three characteristics of Hindu Undivided Family (HUF).Preview
- Q9A Partnership is formed by ______. (a) the direction of Government (b) agreement (c) friendship (d) relationship among personsPreview
- Q10(a) Write the procedure for Registration of a Firm. OR (b) Write any five benefits of Corporate Governance.Preview
- Q11What are the two schools of Hindu Law ?Preview
- Q12What is the minimum and maximum number of members in a Partnership concern ?Preview
- Q13(a) What are the types of Partner? OR (b) What are the code of business ethics?Preview
More questions
12 Q+−Show 3 questionsHide questions3 questions
- Q1Partnership is defined under which Section of the Indian Partnership Act, 1932? (a) Section 2 (b) Section 4 (c) Section 6 (d) Section 8Free
- Q2Membership of a Hindu Undivided Family business is acquired: (a) By agreement between members (b) By birth in the family (c) By purchasing a…Preview
- Q3In a partnership firm, unless the Deed provides otherwise, the liability of each partner for the firm's debts is: (a) Limited to the capital…Preview
+−Show 4 questionsHide questions4 questions
- Q4Who is the 'Karta' in a Hindu Undivided Family business, and how does his liability differ from that of the other coparceners?Free
- Q5Define 'partnership' as given in Section 4 of the Indian Partnership Act, 1932, and identify the elements this definition lays down.Free
- Q6What is a Partnership Deed? State any four particulars it usually contains.Preview
- Q7Distinguish between a 'sleeping (dormant) partner' and a 'nominal partner'.Preview
+−Show 5 questionsHide questions5 questions
- Q8Explain the merits and limitations of Hindu Undivided Family (HUF) business.Free
- Q9Explain the essential features of a partnership.Free
- Q10Explain the different types of partners found in a partnership firm.Preview
- Q11Explain the procedure for registration of a partnership firm and state the consequences an unregistered firm faces under the Indian Partners…Preview
- Q12Explain the merits and limitations of partnership as a form of business organisation.Preview