Co - operative Society Joint Hindu Family Firm


Sr.
No.
Basis of Difference

Joint Hindu Family Firm
Co - Operative Society

1.

Meaning
It is a form of commercial organization. The ancestral (family) business is conducted by the family members of Joint Hindu Family. is created by the operation of Hindu Law.
A Co-operative society is a voluntary association of people who come together on the basis of unity and equality to protect and promote their common economic interest.

2.

Creation
Joint Hindu Family firm is created by the operation of Hindu Law.
Formation of co-operative society is comparatively cheaper.

3.

Membership
There is no maximum limit on membership. Membership keeps on changing depends upon the birth and death in the family.
A minimum 10 members are required for formation of a co-operative society though there is no maximum limit.

4.

Motive
The main motto of a Joint Hindu Family is to run a family business and there by earning profits.
The main motto of a co-operative is to provide services to members. Profit making is its secondary objective.

5.

Regulating Law
It is governed by the Hindu Law.
Co-operative society is governed under Co-operative society Act, 1912.

6.
Liability of Members
Only Karta’s liability is unlimited, co-parcener’s liability is limited.
The Liability of every member in a co-operative society is limited.