Where there is no
term or duration of a partnership expressly put in the agreement for
partnership, the partnership is a ‘partnership at will’, as per section 7 of
Indian Partnership Act, 1932.
Black’s Law Dictionary defines a ‘partnership at will’ as:
‘one designed to continue for no fixed period of time, but only
during the pleasure of the parties, and which may be dissolved by any partner
without previous notice.”
Thus in a partnership at will, the existence of
partnership always depends on the will of a partner. It can be dissolved any time.
Partnership at will can
also be dissolved on the death, withdrawal or expulsion of a Partner.
See section 7 of the Indian Partnership Act, 1932 on lawzonline.com