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Contract Lect 7

A partnership at will is a partnership that has no fixed duration or defined end date agreed upon by the partners in a contract. It can be dissolved at any time by a partner giving written notice to the other partners. It is one of the simplest and most basic types of partnerships where partners agree to work together without formal startup paperwork.

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18 views1 page

Contract Lect 7

A partnership at will is a partnership that has no fixed duration or defined end date agreed upon by the partners in a contract. It can be dissolved at any time by a partner giving written notice to the other partners. It is one of the simplest and most basic types of partnerships where partners agree to work together without formal startup paperwork.

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cv642511
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Partnership at will

Meaning
Where no provision is made by contract between the partners for the duration of their partnership, or
for the determination of their partnership, the partnership is partnership-at-will. A form of
partnership that arises where no fixed term has been agreed for the duration of the partnership or
the partnership has been entered into for an undefined term. A partnership at will may be
dissolved at any time by a partner serving notice on the other partner(s).
Operating as a partnership is one of the easiest ways for two or more people to start a business
together. A basic or general partnership comes into existence at the moment that the partners agree
to work together, without the need to file startup paperwork with a government agency. More
advanced types of partnerships can rely on a partnership agreement to establish a specific start date
and end date for the business.
Definition
According to sec 7 of Indian Partnership Act 1932 Where no provision is made by contract
between the partners for the duration of their partnership, or for the determination of their
partnership, the partnership is, partnership at will.
Dissolution by notice of partnership at will. (Sec:-43)
1) Where the partnership is at will, the firm may be dissolved by any partner giving notice in
writing to all the other partners of his intention to dissolve the firm.
2) The firm is dissolved as from the date mentioned in the notice as the date of dissolution or, if no
date is so mentioned, as from the date of the communication of the notice.

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