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Distinguish between the following

Partnership Firm and Joint Hindu Family.

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1 Answers

No

Partnership Firm

Hindu joint family Firm 
 
1
The relation of partnership aeries from contract , and not from status
The relation of Hindu Joint Family Firm arises from status and not from contract. It arises by operation of law. 

2
In partnership firm members will have no right by birth.
In Hindu joint family business son gets right by birth. 

3
Every partnership firm is governed by the provisions of Indian Partnership Act,1932, Indian Contract Act 1872 etc.
Every Joint family Firm is governed by the codified Hindu Laws. 


4
In partnership rights and duties of partners are determined by the provisions of Partnership Act and Partnership Agreement. .
In Hindu Joint family Firm rights and duties of members of the family are controlled by such general principles of Hindu law which contract the transactions of joint family. 

5
A partnership firm may be constituted irrespective of the members’ caste and religion.
A joint Hindu family firm is limited to Hindu Religion, that too the caste to which the members belong. 

6
In absence of an agreement of contrary intention on death or insolvency of any partner Partnership Firm Dissolves.
A joint Hindu Family firm does not dissolve on the death of any family member.  Successor of the deceased gets his interest and business of the firm continues as usual.

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