Under the Indian Partnership Act, 1932, a Partnership at Will is a type of partnership that does not have a fixed expiration date and can be dissolved by any partner at any time. It is governed primarily by Section 7.
Essential Conditions (Section 7)
A partnership is deemed to be "at will" when:
No Fixed Term: No specific duration or "term" has been agreed upon for the existence of the partnership.
No Particular Adventure: There is no provision in the contract for the determination (end) of the partnership upon the completion of a specific project or undertaking.
If a partnership is created for a specific task or a fixed period, but continues to operate after that task is finished or the period expires, it automatically becomes a Partnership at Will.
No comments:
Post a Comment