Sec 4 of the Act provides that persons who have entered into a partnership with one another are called individually “partners” and collectively a firm and the name under which their business is carried is called the firm name”
The formation of the partnership of type of partnership means, there is an agreement between parties to form the firm that too as per provision of Partnership Act.
The formation of the partnership of type of partnership means, there is an agreement between parties to form the firm that too as per provision of Partnership Act.
The Partnership can be classified as under:-
1. Partnership at will:- Sec 7 Where no provision is made by a contract between the partners for duration of their made without specifying any period and is at the sweet will of the partners. Any partner may dissolve such a partnerships by giving a notice to that effect to all the other partners.
2. Particular Partnership:- When a partnership is to formed for a particular period or for a particular venture, in a such a case the partnership is automatically dissolved at expiry of fixed term or on the completion of the venture e.g. A&B have formed a partnership for manufacture of a particular film, the partnership is automatically dissolved on completion of the venture provided they don’t enter into a contract to continue this partnership for future
Types of Partnership
![Types of Partnership]()
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