Dear sir, I’m working in a manufacturing company as an finance manager. for better Financial reporting can u suggesst me any useful articles. suhail finance manager
From India , Eluru
HUF i guess is not created by deed but by relationship.... partnership can be created by deed correct me if am wrong...
From India , Pune

Unlike other business organizations,Hindu Undivided Family or HUF cannot be considered as a single entity and it is not actually "created." Since HUF is composed of family members, its "creation" starts when one marries. A husband and wife already makes up an HUF, their children would be additional members.

Other legal entities transact business with the HUF through its Karta or the Head of the Family, usually the Father.

There are also all-female HUF, in cases when the Father dies and only his wife and their daughter/s remain. When this happens, the Karta would now be the unmarried daughter.

Disputes regarding the all-female HUF has been raised due to the fact that females who marry would now cease to be a member of her father's HUF and would become a member of her husband's HUF instead. Because HUF has no legal personality, it could not enter into a legal transaction by itself, it has to be represented by the Karta. Since legal transactions for the HUF would have to be done by the Karta, problems would arise when the female Karta marries.

Hope this helped you.

From India , Calcutta

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