Sr.
No.
|
Basis of Difference
|
Proprietorship
|
Joint Hindu Family Firm
|
1.
|
Meaning
|
It is a form of commercial
organization which is owned and managed by a single person.
|
It is a form of commercial
organization. The ancestral (family) business is conducted by the family
members of Joint Hindu Family.
|
2.
|
Membership
|
There cannot be more than one owner.
|
There is no maximum limit on
membership.
|
3.
|
Ownership
|
The business assets and properties are
owned by the proprietors.
|
All the family members are joint
owners of business properties.
|
4.
|
Liability
|
The liability of sole trader is
unlimited.
|
Karta’s liability is unlimited.
Co-parcener’s liability is limited.
|
5.
|
Financial Resources
|
The financial resources are available.
|
The funds are more than that of a
proprietor.
|
6.
|
Stability
|
It lacks stability since the existence
of sole trading concern depends upon the survival of the sole trader.
|
It is comparatively more stable since
after the death of Karta, the next senior family member takes over Karta’s
passion and run the business.
|
7.
|
Profit& Loss
|
All the profit of the concerned belong
to the sole trader and all losses are to be borne by him.
|
The profit and losses are shared by
all the co-parceners
|
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