Tata Consultancy Services and Haldirams are the top most Joint Hindu family businesses run in India.

In Hindu Undivided Family the liability of Karta are unlimited.

The Person who enters into the partnership are individually called Partners and collectively known as 'Firm'.

All the affairs of a Joint Hindu Family are controlled and managed by one person who is known as 'Karta' or 'Manager'. The Karta is the senior most male member of the family.

(i) Joint and Several liabilities:
(1) Every partner is jointly and severally liable for all acts of the firm.
(2) It means that in case the assets are inadequate for meeting the claims of creditors, even their personal properties should be made available.
(3) The creditors can recover their claims from all the partners.
(ii) Liable for any loss to the third party: 
The firm is liable for any loss caused to a third party because of a wrongful act done in the ordinary course of business.
(iii) Liability to the third party to make good the loss:
Where a partner receives money or property from a third party on behalf of the firm and misappropriates it, then the firm is liable to make good the loss.

(i) A minor is a person who has not completed 18 years of age, where a guardian is appointed by a court, his age majority extends to 21 years.
(ii) Legally, a minor cannot become a Partner because he is incapable of entering into a contract.
(iii) He may however be admitted to the benefits of Partnership with the consent of all partners.

Joint and Several liabilities:
Every partner is jointly and severally liable for all acts of the firm. It means that in case the assets are inadequate for meeting the claims of creditors, even their personal properties should be made available. The creditors can recover their claims from all the partners.

1. A secret partner is one whose association is not known to the general public.
2. Other than this distinct feature, he is like rest of the partners in all respects.

Though a partnership agreement need not necessarily be in writing, it is important to have a written agreement in order to avoid misunderstandings; it is desirable to have a written agreement. A carefully drafted partnership deed helps in ironing out differences which may develop among partners and in ensuring smooth running of the partnership business. It should be properly stamped and registered.

Characteristics: The main characteristics of Joint Hindu Family Business are given below:
(i) Governed by Hindu Law: The business of the Joint Hindu Family is controlled and managed under the Hindu law.
(ii) Management: All the affairs of a Joint Hindu Family are controlled and managed by one person who is known as 'Karta' or 'Manager'. The Karta is the senior most male member of the family.
(iii) Membership Birth: The membership of the family can be acquired only by birth. Membership requires no consent or agreement.
(iv) Liability: Except the Karta, the liability of all other members is limited to their shares in the business.
(v) Permanent Existence: The death, lunacy or insolvency of any member of the family does not affect the existence of the business of Joint Hindu Family.
(vi) Implied Authority of Karta: In a joint family firm, only Karta has the implied authority to enter into a contract for debts and pledge the property of the firm for the ordinary purpose of the businesses of the firm.

Registration of Partnership:
The Indian Partnership Act does not make the registration of a partnership compulsory. Registration is optional. But the disabilities of non-registration virtually make it compulsory.
Procedure for Registration:
A statement should be prepared stating the following particulars.
(1) Name of the firm.
(2) The principal place of business.
(3) Name of other places where the firm carried on business.
(4) Names and addresses of all the partners.
(5) The date on which each partner joined the firm.
(6) The duration of the firm.
This statement signed by all the partners should be produced to the Registrar of Firms along with the necessary registration fee. Any change in the above particulars must be communicated to the Registrar within 14 days of such alteration.

Contents of Partnership Deed:
a) Name:
Name of the Firm.
b) Nature of Business:
Nature of the proposed business to, be carried on by the partners.
c) Duration of Partnership:
Duration of the partnership business whether it is to be run for a fixed period of time or whether it is to be dissolved after completing a particular venture.
d) Capital Contribution:
The capital is to be contributed by the partners. It must be remembered that capital contribution is not necessary to become a partner for one who contribute his organising power, business acumen, managerial skill, etc., instead of capital.
e) Withdrawal from the Firm:
The amount that can be withdrawn from the firm by each partner
f) Profit/Loss Sharing:
The ratio in which the profits or losses are to be shared. If the profit sharing ratio is not specified in the deed, all the partners must share the profits and bear the losses equally.
g) Interest on Capital:
Whether any interest is to be allowed on capital and if so, the rate of interest. If the deed is silent on interest on capital, the rules for interest on capital in partnership act will take effect.
h) Rate of Interest on Drawing:
Whether any interest is to be allowed on drawing, the rate of interest is to be specified.
i) Loan from Partners:
Whether loans can be accepted from the partners and if so the rate of interest payable there on.
j) Account Keeping:
Maintenance of accounts and audit.
k) Salary and Commission to Partners:
Amount of salary or commission payable to partners for their services. (Unless this is specifically provided, no partner is entitled to any salary).
l) Retirement:
Matters relating to retirement of a partner. The arrangement to be made for paying out the amount due to a retired or deceased partner must also be stated.
m) Goodwill Valuation:
Method of valuing goodwill on the admission, death or retirement of a partner.
n) Distribution of Responsibility:
The work that is entrusted to each partner is better stated in the deed itself.
o) Dissolution Procedure:
Procedure for dissolution of the firm and the mode of settlement of accounts thereafter.
p) Arbitration of Dispute:
Arbitration in case of disputes among partners. The deed should provide the method for settling disputes or difference of opinion. This clause will avoid costly litigations.