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Partnership at Will and Particular Partnership


Partnership at Will and Particular Partnership
Partnership at Will and Particular Partnership

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Partnership at Will


In Section 7, a partnership earns the label of 'Partnership-at-Will' given two distinct circumstances:


(a) When the partnership lacks a predetermined duration.


(b) When the Partnership Deed neglects to outline the termination process or timeframe for the partnership firm.



Hence, a 'Partnership-at-Will' retains the flexibility to dissolve upon any partner's issuance of a notice indicating their intent to conclude the firm.

 
 

Particular Partnership


A partnership arrangement can be established either for a fixed duration or to fulfil a specific project, venture, or task. According to Section 8, a partnership formed solely for the purpose of executing a particular project, adventure, or job is termed a 'Particular Partnership'. 



Consequently, a 'Particular Partnership' typically dissolves automatically upon the completion of the specified project, adventure, or job.



For instance, a group comprising two or more auditors engaged in auditing the accounts of a specific company may be considered partners for that particular audit, as affirmed in the case of Robinson vs Anderson. 



Subsequently, once this particular audit concludes, and the final audit report is duly submitted to the company's management, the partnership automatically dissolves.

 
 



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