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A partnership and a Joint Hindu Family are two distinct forms of business organisation, although both may involve two or more persons carrying on business and sharing its benefits. A partnership is created by an agreement between persons, whereas a Joint Hindu Family business arises primarily from the status of the members of a Hindu family. The distinction between the two is important under Business Law because their formation, management, liability, membership and dissolution are governed by different principles. A partnership is a contractual relationship between persons who agree to carry on a business and share its profits. Under the Indian Partnership Act, 1932, partnership is the relationship between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. The essential foundation of partnership is therefore an agreement. The persons entering into partnership are known as partners, and collectively they constitute a firm. A Joint Hindu Family business, on the other hand, is a business conducted by members of a Hindu undivided family. Its existence is based upon family status rather than a contract. The family business is generally managed by the eldest member, known as the Karta. Other members who acquire an interest in the ancestral property by birth are known as coparceners. The relationship among members is created by birth and not by an agreement to form a business. The first major difference concerns the mode of creation. Partnership comes into existence through an agreement between the partners. The agreement may be express or implied and normally specifies matters such as capital contribution, profit-sharing ratio, duties and powers of partners. In contrast, a Joint Hindu Family arises from the personal law governing the family. No partnership agreement is necessary for its creation. Membership in the family business is generally determined by birth into the family and the applicable rules of Hindu ________ ______ __________ _____ ____ _____ _________ _________ ________.
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