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Suppose you have entered into a partnership agreement with me and the partnershipdeed provides neither for the duration nor for the determination of our partnership.What is the technical expression for this kind of partnership?
- a)Partnership for a fixed term.
- b)Partnership at will
- c)Particular Partnership.
- d)Any of these.
Correct answer is option 'B'. Can you explain this answer?
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Suppose you have entered into a partnership agreement with me and the ...
Partnership at Will
In a partnership agreement where the partnership deed does not specify the duration or determination of the partnership, it is referred to as a partnership at will. This type of partnership is characterized by the following:
1. No fixed term: The partnership does not have a predetermined duration. It can continue indefinitely until one or more partners decide to dissolve it.
2. No specific conditions for termination: The partnership can be dissolved by any partner at any time, without the need for specific conditions or reasons.
3. Flexibility: Partners have the freedom to enter or exit the partnership without restrictions.
4. Lack of formal agreement: Since the partnership deed does not provide for the duration or determination of the partnership, it may not include other important provisions commonly found in partnership agreements.
5. Default rules apply: In the absence of specific provisions in the partnership deed, the partnership will be governed by default rules set by the applicable partnership laws in the jurisdiction.
6. Risk and uncertainty: The partners may face uncertainty about the continuation of the partnership and the division of assets and liabilities in case of dissolution.
7. Need for clear communication: In a partnership at will, it is crucial for partners to have open and transparent communication to ensure alignment and avoid misunderstandings.
In conclusion, when a partnership agreement does not specify the duration or determination of the partnership, it is called a partnership at will. This type of partnership allows for flexibility but also carries the risk of uncertainty.
In a partnership agreement where the partnership deed does not specify the duration or determination of the partnership, it is referred to as a partnership at will. This type of partnership is characterized by the following:
1. No fixed term: The partnership does not have a predetermined duration. It can continue indefinitely until one or more partners decide to dissolve it.
2. No specific conditions for termination: The partnership can be dissolved by any partner at any time, without the need for specific conditions or reasons.
3. Flexibility: Partners have the freedom to enter or exit the partnership without restrictions.
4. Lack of formal agreement: Since the partnership deed does not provide for the duration or determination of the partnership, it may not include other important provisions commonly found in partnership agreements.
5. Default rules apply: In the absence of specific provisions in the partnership deed, the partnership will be governed by default rules set by the applicable partnership laws in the jurisdiction.
6. Risk and uncertainty: The partners may face uncertainty about the continuation of the partnership and the division of assets and liabilities in case of dissolution.
7. Need for clear communication: In a partnership at will, it is crucial for partners to have open and transparent communication to ensure alignment and avoid misunderstandings.
In conclusion, when a partnership agreement does not specify the duration or determination of the partnership, it is called a partnership at will. This type of partnership allows for flexibility but also carries the risk of uncertainty.
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Suppose you have entered into a partnership agreement with me and the partnershipdeed provides neither for the duration nor for the determination of our partnership.What is the technical expression for this kind of partnership?a)Partnership for a fixed term.b)Partnership at willc)Particular Partnership.d)Any of these.Correct answer is option 'B'. Can you explain this answer?
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Suppose you have entered into a partnership agreement with me and the partnershipdeed provides neither for the duration nor for the determination of our partnership.What is the technical expression for this kind of partnership?a)Partnership for a fixed term.b)Partnership at willc)Particular Partnership.d)Any of these.Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Suppose you have entered into a partnership agreement with me and the partnershipdeed provides neither for the duration nor for the determination of our partnership.What is the technical expression for this kind of partnership?a)Partnership for a fixed term.b)Partnership at willc)Particular Partnership.d)Any of these.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Suppose you have entered into a partnership agreement with me and the partnershipdeed provides neither for the duration nor for the determination of our partnership.What is the technical expression for this kind of partnership?a)Partnership for a fixed term.b)Partnership at willc)Particular Partnership.d)Any of these.Correct answer is option 'B'. Can you explain this answer?.
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