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Joint Hindu Family Business Quiz-1
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Joint Hindu Family Business Quiz-1
Joint Hindu Family Business Quiz-1
Quiz
The Karta of a joint Hindu family business has:
Unlimited liability for the debts of the business.
Limited liability for the debts of the business.
No liability for the debts of the business.
Joint liability for the debts of the business.
In a Joint Hindu Family business, what happens to the ownership and control upon the death of a family member?
It automatically passes to the eldest male member
It is transferred equally to all surviving family members
It is sold to an outside buyer
It becomes dormant and ceases to operate
Which of the following is not a purpose of establishing a Joint Hindu Family business?
Continuity of family wealth and legacy
Pooling of family resources for business growth
Mitigating personal liability for the family members
Securing the business assets from legal disputes
The Karta of a joint Hindu family business has the power to:
Make decisions on behalf of the business.
Represent the business in legal matters.
Borrow money on behalf of the business.
All of the above.
Which of the following is not a characteristic of a joint Hindu family business?
It is a form of business that is found only in India.
The members of the HUF have unlimited liability for the debts of the business.
The business is managed by the Karta, who is the head of the HUF.
It is owned and carried on by the members of a Hindu Undivided Family (HUF).
The Joint Hindu Family business is governed by which legal act in India?
Companies Act, 2013
Partnership Act, 1932
Hindu Succession Act, 1956
Hindu Undivided Family (HUF) Law
In a Joint Hindu Family business, who are the members of the family?
Only the male members of the family
All the members of the family, irrespective of gender
Only the female members of the family
Only the eldest member of the family
Which of the following is not a legal requirement for forming a joint Hindu family business?
There must be at least two male members in the family.
The members of the HUF must be Hindus.
The members of the HUF must be related to each other by blood or marriage.
The members of the HUF must be adults.
Which of the following is a distinguishing feature of a Joint Hindu Family business?
Limited liability of the family members
Equal ownership and control by all family members
Exclusive ownership and control by the eldest member
Separation of business assets from personal assets
Which of the following is not a demerit of a joint Hindu family business?
Unlimited liability of the members of the HUF.
Lack of specialization and expertise.
Difficulty in raising capital.
Lack of continuity of management.
Under which school of Hindu law, a son can demand a partition of the ancestral property only after the death of his father?
Mitakshara School
Dayabhaga School
Both a and b
Neither a nor b
Under which school of Hindu law, a daughter can inherit ancestral property in the same manner as a son?
Mitakshara School
Dayabhaga School
Both a and b
Neither a nor b
Which of the following schools of Hindu law is prevalent in the northern states of India?
Mitakshara School
Dayabhaga School
Both a and b
Neither a nor b
The Karta of a joint Hindu family business is appointed by:
The eldest male member of the HUF.
The court.
The government.
The members of the HUF.
The Karta of a joint Hindu family business is personally liable for the debts of the business:
Only if he has agreed to be liable.
Only if he is aware of the debts.
Always, regardless of whether he is aware of the debts.
Never.
The Karta of a joint Hindu family business can be removed from his position by:
The members of the HUF.
The eldest male member of the HUF.
The court.
The government.
Under which school of Hindu law, a son acquires an equal interest with his father in all ancestral property held by the father at his birth?
Mitakshara School
Dayabhaga School
Both a and b
Neither a nor b
Which of the following is not a merit of a joint Hindu family business?
Easy to set up and manage.
Access to a large pool of capital.
Strong family ties and loyalty.
Tax benefits.
Can a Joint Hindu Family business have non-family members as partners or shareholders?
Yes, but only if they are related to the family by blood
No, non-family members are not allowed to be part of the business
Yes, any individual can become a partner or shareholder
Yes, but only if they are employees of the business
A member of a joint Hindu family business can:
Demand a division of the property of the HUF at any time.
Demand a division of the property of the HUF only after the death of the Karta.
Not demand a division of the property of the HUF.
Only demand a division of the property of the HUF if he or she is not a minor.
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