Kinds of Partnership
There are different kinds of partnerships based on various aspects. These are:
A. With Regard to the Duration
1. Partnership at Will: A partnership will be considered as a Partnership at Will when two things shall be proved; i.e.,
- No fixed period has been agreed.
- No provision has been made for the determination of the partnership.
In case when a partnership entered was for a fixed term, but is continued even after the expiry of such term, the same shall be treated as a Partnership at Will. A Partnership at Will may be dissolved by any of the partners by giving notice in writing to all the other partners showing his intention to dissolve the firm.
2. Partnership for a Fixed Period: When the partnership has been created for a specific duration, it is called a Partnership for a Fixed Period. A Partnership for a Fixed Period comes to an end on the expiry of the fixed period.
B. With Regard to the Extent of Business
1. Particular Partnership: In some cases, the partnership may be organized for the execution of a single adventure as well as for the conduct of a continuous business. When a person enters as a partner with another person in any particular adventure or undertaking, the partnership is known as a Particular Partnership.
2. General Partnership: When a partnership is constituted concerning the business in general, it is treated as a General Partnership. A General Partnership is different from a Particular Partnership in the sense that in a Particular Partnership, the liability of the partners extends only to that particular adventure or undertaking; however, this is not the case of a General Partnership.