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Explain The Following Kind Of Partnership? 1. Particular Partnership. 2. Partnership At Will. 3. Partnership For Fixed Term.

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1. Particular partnership. When a partnership is formed for the object of conducting a particular business, it is called particular partnership. The particular undertaking cannot be extended to any other enterprise and this would last only so ling as the business id not completed. But if the partnership firm goes to carry on other business then in the absence of an agreement to the contrary, the rights and duties of the member in the new undertaking will continue to be the same as in the earliest enterprises.
2. Partnership at will. This type of partnership is defined by the partnership Act 1932: "Where no provision is made by contract between the partner for the duration of their partnership or for the termination of partnership. Partnership at will can be dissolved by any partner serving notice in waiting to other partner of his intension to do so.
3. Partnership of fixed term. The organization, which is formed for definite period of time, is called partnership for a fixed term. At the expiry of this period, the partnership comes to an end unless the partners have made a contract to the contrary. If the business is continued after the expiry period, the new partnership will become a partnership at will. So the mutual rights and duties of the partners may be deemed as the same in partnership at will in the absence of an agreement.

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