hindu undivided family

baswanth mohan paruchuri (Querist) 21 October 2010 This query is : Resolved
What is the difference between the business carried on by the hindu undivided family and and a company?

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Parveen Kr. Aggarwal (Expert) 21 October 2010
A Company is a separate legal entity whereas a Hindu Undivided Family is not a separate legal entity. As such, the business carried on by a company shall be of the company itself whereas the business of an HUF shall be of its members.

Kirti Kar Tripathi (Expert) 22 October 2010
i concur

DEFENSE ADVOCATE.-firmaction@g (Expert) 22 October 2010
HUF is a legal fiction created by law based on Hindu customs. The benefit is in IT and sucession.

Devajyoti Barman (Expert) 24 October 2010
Yes

s.subramanian (Expert) 24 October 2010
I concur.

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