Understanding HUF Features

The video provides an in-depth explanation of the features of a Hindu Undivided Family (HUF) business structure. It covers the formation requirements, including the need for at least two members and ancestral property. The video also discusses the liability aspects, highlighting the unlimited liability of the head and limited liability of other members. Control and continuity are explained, emphasizing the role of the oldest family member. The video concludes with a discussion on the role of minor members in HUF and hints at future videos covering advantages and disadvantages.

What are the key features discussed in the introduction of HUF?

• Formation, liability, taxation, continuity, and minor members

• Formation, taxation, control, continuity, and major members

• Formation, liability, control, continuity, and minor members

• Formation, liability, control, taxation, and major members

What is the minimum number of members required to form an HUF?

• Three

• Two

• Four

• One

Which type of property is essential for the formation of an HUF?

• Commercial property

• Rented property

• Ancestral property

• Self-acquired property

In an HUF, whose liability is unlimited?

• Only the head of the family

• All male members

• All female members

• All members

How is the liability of other members in an HUF described?

• None

• Joint

• Limited

• Unlimited

Who holds the primary control in an HUF?

• The female members

• The youngest member

• All members equally

• The eldest member

What is the nature of the control of other members in an HUF?

• Absolute

• None

• Advisory

• Binding

What happens to the HUF if the head of the family passes away?

• The youngest member takes over

• The next eldest member takes over

• The HUF is reformed

• The HUF dissolves

How can minors become members of an HUF?

• By nomination

• By election

• By birth or adoption

• By marriage

What is the role of minor members in an HUF?

• They are included for benefits

• They have no role

• They are excluded from all activities

• They have full control