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Distinguish between the following. 

Joint Hindu family firm and Joint stock company

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Basis of Difference Joint Hindu Family Firm Joint Stock Company
Governance Governed by the Hindu laws Governed by the Companies Act 1956
Number of members Minimum: 2 Maximum: No limit In case of a private company: Minimum: 2 Maximum: 50 In case of a public company: Minimum: 7 Maximum: No limit
Minor Minors can be members Minors cannot be members
Management and Control Managed and controlled by the Karta. Managed and controlled by the managing director.
Liability Karta has unlimited liability; other members enjoy limited liability. Shareholders have limited liability to the extent of the unpaid amount on the shares held by them.
Formation Easy to form, as few legal formalities need to be fulfilled. Comparatively difficult to form, as several legal formalities need to be fulfilled.

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