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The Hindu Undivided Family (HUF) is a type of family business in which all those who are directly descended from a common ancestor, as well as the male descendants' spouses and daughters, are members. A HUF is a separate entity from its members. Apart from the members, the company has a PAN and files tax returns. A person can form a HUF with his wife and children to take advantage of special tax breaks.
A HUF can be established by a family. It is made up of the 'Karta,' or eldest or head of the family. The 'karta' is in charge of the day-to-day operations of the HUF. Coparceners are the other members of the family involved in this type of business. The family business can be dissolved by a partition if all members agree. Assets will be distributed to members following the partition.
Features of HUF
Pros of HUF
Cons of HUF
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