1.

Write a short note on partnership according to time limit.

Answer»

Partnership according to time limit.
1. Partnership at will:

  • A partnership where in no duration is mentioned in the partnership deed is called partnership at will. This means that the life or existence of the partnership depends on the will of the partners. They can continue as long as they remain united.
  • If any of the partner wishes to dissolve the firm then he can do so by giving a legal notice to dissolve the firm.

2. Term partnership:

When the duration of the partnership is mentioned in the agreement it is called partnership for a fixed time. Once the rturation is completed, the partnership dissolves automatically. However, if the partners wish to extend the duration they can.

3. Partnership for a specific work:

  • A partnership done to accomplish a specific work such as building a bridge, compl eting a project, etc. is called a partnership for specific work.
  • As s oon as the work gets over, the partnership dissolves automatically.


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