Joint Hindu Family Business Concern

Joint Hindu Family (HUF) is a form of business organization wherein the members of a family can only own and manage the business. It is governed by Hindu Law. Karta of the HUF is the Head of the family who is authorized to do business on behalf of the HUF. A HUF is also allowed to purchase assets in its name. a separate Permanent Account Number (PAN) is allotted to the partnership. HUF has unlimited business liability and like a proprietorship concern, it is also not required to register itself.