Duration of partnership.

Duration of partnership:

The partners may, at the time when they enter into partnership agreement fix the duration of the partners or may say nothing about it. In the former case, the partnership is called a partnership for a fixed term, and in the letter case, a partnership at will.

Partnership for a fixed term:

In this case the partnership is entered into for a fixed period of time. When the fixed period is over, it comes to an end. The partners may, however, continue to carry on the business of the fixed period.

Particular partnership:

When a person becomes a partner with another person or persons in aparticular adenture or understanding such apartnership is known as particular partnership. It comes to an end soon as that adventure is completed.

Partnership at will:

Where no provision is made by contract of the between the partners for the duration of the partnership or for the determinant is partnership at will may be solved by any partner by giving a notice in writing to all other partners of his firm.