FIXED TERM PARTNERSHIP is formed for a definite period of time. The partnership comes to an end on a date specified in the partnership deed unless express mention in the contract to the contrary. If the business is continued beyond such expiry period, the partnership is deemed as a partnership at will.
A form of parternship that arises where no fixed term has been agreed for the duration of the partnership or the partnership has been entered into for an undefined term. A parternship at will may be dissolved at any time by a partern serving notice on the other partern(s).
How it is related to parternship with a fixed term?
PARTNERSHIPWITHAFIXEDTERMA partnership wherein the term for which the partnership is to exist is fixed or agreed upon or one formed for a particular undertaking,and upon the expiration of the term or completion or the particular enterprise,the partnership is dissolved,unless continued by the partners.
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Answer:
FIXED TERM PARTNERSHIP is formed for a definite period of time. The partnership comes to an end on a date specified in the partnership deed unless express mention in the contract to the contrary. If the business is continued beyond such expiry period, the partnership is deemed as a partnership at will.
Explanation:
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Answer:
What is partnership at will?
A form of parternship that arises where no fixed term has been agreed for the duration of the partnership or the partnership has been entered into for an undefined term. A parternship at will may be dissolved at any time by a partern serving notice on the other partern(s).
How it is related to parternship with a fixed term?
PARTNERSHIP WITH A FIXED TERM A partnership wherein the term for which the partnership is to exist is fixed or agreed upon or one formed for a particular undertaking,and upon the expiration of the term or completion or the particular enterprise,the partnership is dissolved,unless continued by the partners.
Explanation:
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