They are only found in India. They are in accordance with ‘Hindu Law’. They are the firms which consist of all the male members of the Hindu family, descendants from a common male ancestor. Only three successive generations of male members namely sons, grandsons and great grandsons acquire the birth right or interest in the ancestral property. The eldest or senior most member of the family manages the business and he is called ‘Karta’. The liability of Karta is unlimited.
