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

Ravi, Sunil and Meena run a firm without any fixed period or particular venture. Their partnership deed is silent on its duration. Such a partnership is known as:

It is a partnership at will. When the partnership deed fixes no duration and provides no way of determining the partnership, it continues at will, and any partner may dissolve it by giving notice of his intention to the other partners.

  1. AParticular partnership
  2. BPartnership at willCorrect
  3. CPartnership for a fixed term
  4. DLimited partnership

Explanation

Where no fixed period is agreed and no determination is provided for, the partnership is at will, and any partner can end it by giving notice to the others. A particular partnership is for a specific venture, so it does not fit. Nothing suggests a fixed term or limited liability.

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