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CSEET · Business Laws and Management · Elements of Law relating to Partnership and Limited Liability Partnership

Ramesh and Suresh run a firm under a partnership agreement that does not state any fixed period or particular venture. Which kind of partnership is this?

This is a partnership at will. When the agreement fixes no period for its duration and no particular venture, the firm continues at the will of the partners, and any partner can bring it to an end by giving notice of dissolution.

  1. AParticular partnership
  2. BPartnership at willCorrect
  3. CFixed-term partnership
  4. DLimited liability partnership

Explanation

Where no fixed period is agreed and no particular undertaking is specified, the partnership continues at the will of the partners and can be ended by notice by any partner. A particular partnership is for a specific venture, which is absent here. An LLP requires incorporation under the LLP Act, 2008, which is not stated.

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