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Saturday, April 13

Partnership is partnership at will when no agreement for duration


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