A joint family business is a type of business organization that is owned and managed jointly by the members of a Hindu Undivided Family (HUF) in India. The HUF is governed by the Hindu Law, and membership in the company is based on birth in the family, with three consecutive generations being eligible to become members. The business is managed by the head of the family, known as the Karta, who has full control over all decisions. All members of the HUF hold equal ownership over the property of an ancestor and are called co-parceners.

Some key features of a joint family business include:

• Formation: There should be at least two male members in the family to form a HUF, and ancestral property should have been inherited by members of HUF. All members enjoy this property and have an equal share in it.
• Liability: There is limited liability of all the members or co-parceners in the Hindu Undivided Family business, but the Karta has unlimited liability.
• Control: The Karta has full control over all decisions, and there is no interference from anybody else.

Advantages of a joint family business include ease in formation, limited liability of members, and more commitment. However, disadvantages include limited resources, dominance of the Karta, and misuse of power.