1. Formation -
The basis of Partnership firm
is a contract between persons whereas a Hindu undivided family is created by
status i.e., a person becomes its member by virtue of his being born in the
particular family.
2. Addition of a new partner or
member -
When a new partner has to be
introduced into a partnership firm, consent of all the partners is needed for
the same whereas no such consent is needed for the addition of a member into
the joint Hindu family. A person becomes the member of the family on being born
in that family.
3. Mutual agency -
There is mutual agency
between the partners of a particular firm, and the act done by any of the
partners binds the firm whereas there is no such mutual agency between the
members of a joint Hindu family. The Karta of the joint Hindu
family has all the powers to act on the
behalf of the family and he is the only person who
can represent the family.
4. Liability -
The liability of a
partner is not only joint liability or limited to
his share in the partnership business, the liability is
several liability also. Such liability is unlimited and even
a partner’s personal property can be attached for the partnership debts. On the
other hand, the liability of the coparceners, on the other hand, is limited
only to the extent of their shares in the family business.
5. Minor -
A minor cannot become a
partner in a firm, he can be admitted only for the benefits whereas a person
becomes a Coparcener right from his birth.
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