A joint family comprises members of the family that are related one another and share a common ancestry, religion, and property. All the working members of the family pool together what they earn and ha them over to the head who is usually the eldest.
The final authority in family matters is the grandfather, but he grandmother has authority over all the younger women in the family. There was extended kinship in the real sense of the word. Family ties were close and highly commendable.
Rapid industrialisation in India is the main factor of the disintegration of joint family system. The joint family system was very popular among the rural people whose main occupation was agriculture.
Joint Family has its disadvantages. The main defects of joint family are as follows: Joint family rests on collective responsibility. This sometimes accounts for laziness among some members.
Joint family is like a nursery to teach social virtues. It helps to develop social virtues like co-operation, sympathy, sacrifice, affection, spirit of selfless service, obedience and broadminded.
Joint family is generally a group of people or collection of human beings, who are related to each other by blood, Relations among the members of joint family are direct close, intimate and personal.
Joint Family is recognised as a social institution from time immemorial. It is a large social group in which the father, mother, their mature and immature children, their brother and parents live together.
Though much can be said in support of joint-family, it is a fact that they are increasingly being replaced with nuclear families comprising wife, husband and one or two children. To some extent this is caused by the migration of children to other cities where the wife joins the husband after marriage.
While opting company form of business, the entrepreneur should clearly gone through the distinction between company with partnership form of business. The next step arises a regard to why to go for company form of business. The following points depicts the advantageous points of this form of business.
Before going for starting a business in company form of business, the entrepreneur must passes detail knowledge about the company. A good number of authors have defined .he company in their own ways and languages. Few important among them are presented below.