the members of hindu undivided family business are called

  • In a Hindu Undivided Family (HUF) business, the members involved in the business are often referred to as “coparceners” and “karta.” Here’s a brief explanation of these terms:

    1. Karta:

      • The Karta is the head of the Hindu Undivided Family. Traditionally, the Karta is the senior-most male member of the family. The Karta plays a crucial role in managing the affairs of the HUF, making decisions related to the family’s business, and representing the family in legal and financial matters.
    2. Coparceners:

      • Coparceners are the members of the HUF who acquire an interest in the ancestral property by virtue of birth. In the context of an HUF business, coparceners have a share in the family’s business assets. While traditionally, only male descendants were considered coparceners, changes in Indian laws, particularly with the Hindu Succession (Amendment) Act, 2005, now include daughters as coparceners as well.

    In the context of an HUF business, the Karta and coparceners collectively manage and contribute to the family’s business affairs. The coparceners have a right to seek a partition of the HUF property, including the business assets, if they choose to separate from the joint family arrangement.

    It’s important to note that the roles and terms may vary based on specific family traditions, local customs, and any legal agreements or arrangements within the HUF. Additionally, the laws governing HUFs are subject to change, so it’s advisable to consult with legal professionals or experts to ensure accurate and up-to-date information.