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A partnership for which no period or duration is fixed, under the Indian Partnership Act, 1932 knows as:
General partnership
Partnership at will
Particular partnership
Co-ownership.
Where no provision is made by the con tract between the partners regarding the actual duration of the partn ersh4' or for the termination ofpartnershit', it is called a partnership at will Partnershi,, at will can be dissolved by any partner. serving notice in writing to other partners of his intension to do so. If the duration of the partnership has been fixed but the partnership is made to continue thereafter without specifying any fixed duration for the same, subsequently,. it becomes a partnership at will. In the case of a partnershio, at will the duratiOn is not specified nor there is any provision for its determination (end), the partners are not bound to continue in partnership. for any specified period and the partnership can be ended at the sweet will of any of the partners. A partner may retire by giving a notice to all the other partners of his intention to retire. The firm may also be dissolved by any partner by giving notice in writing to all the other partners of his intention to dissolve the firm. The firm stands dissolved as from the date mentioned in the, notice as to the date of dissolution or, if no date is mentioned, as from the date of communication of the notice.
By: Parvesh Mehta ProfileResourcesReport error
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