Common property as including any parts of the land, buildings and airspace that are not lots on the plan of subdivision. It may include gardens, passages, walls, pathways, driveways, stairs, lifts, foyers and fences. The common property is collectively owned by the lot owners as 'tenants-in-common'.

Common Property in Joint Hindu Family Business

In a Joint Hindu Family Business, the concept of common property is significant. It refers to the assets and properties that are owned and managed collectively by all the members of the family. The common property includes movable and immovable assets like land, buildings, cash, stocks, and other investments.

Features of Common Property

There are some features of common property that are worth mentioning:

1. Collective Ownership: The common property in a Joint Hindu Family Business is owned collectively by all the members of the family. No individual member has any exclusive ownership over the assets.

2. Indivisibility: The common property cannot be divided among the members of the family. It is held jointly, and each member has a right to use it for his/her benefit.

3. Inalienability: The common property cannot be sold or transferred to any outsider. It can only be used for the benefit of the family members.

4. Managerial Responsibility: The management of the common property is the collective responsibility of all the members of the family. However, the senior-most member of the family is usually considered the manager of the property.

Advantages of Common Property

There are several advantages of having common property in a Joint Hindu Family Business:

1. Easy Management: The common property is managed collectively by all the members of the family. This makes it easier to manage and maintain the assets.

2. Limited Liability: Since the assets are owned jointly, the liability of each member is limited. In case of any loss or liability, the burden is shared by all the members.

3. Cost-effectiveness: The common property allows the family to pool their resources and invest in assets that they would not have been able to afford individually.

4. Continuity: The common property ensures the continuity of the business, even if some members decide to leave or pass away.

Conclusion

In conclusion, the concept of common property is an essential feature of Joint Hindu Family Business. It allows for easy management, limited liability, cost-effectiveness, and continuity of the business. However, it is important to ensure that the management of the common property is done efficiently and fairly to avoid any conflicts among the family members.