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Short Answer Questions · Q10

Q.Distinguish between a Partnership at Will and a Particular Partnership.

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Partnership at Will (Section 7): exists where no fixed period for the firm's duration has been agreed, and no provision has been made for how the partnership is to be determined. It is the more open-ended, ongoing form of partnership — the classic case of a general trading or manufacturing business meant to continue indefinitely. Its defining consequence is under Section 43: it can be dissolved at any time by any single partner simply giving written notice of their intention to dissolve the firm to all the other partners; the firm stands dissolved from the date stated in the notice, or from the date of communication if no date is given.

Particular Partnership (Section 8): exists where the partners have come together for one specific undertaking or venture (such as a single construction project), or for a fixed period of time. Its defining consequence is under Section 42: it dissolves AUTOMATICALLY, without any need for notice, on the completion of that venture, or on the expiry of that fixed term — unless the partners mutually agree to continue the business, in which case the firm is thereafter treated as a partnership at will. …

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