Question

A partnership is deemed to be a partnership at will when.
$1$. No fixed period has been agreed upon for the duration of partnership.
$2$. There is no provision made as to the determination of partnership in any other way.
Select the correct answer from the options given.

• A. $1$ only
• B. $2$ only
• C. Both $1$ & $2$
• D. Neither $1$ nor $2$

Answer 1

Answer: (C)

Both $1$ & $2$

A partnership basically refers to the contract between two or more people who have agreed to carry on certain business in order to achieve common goals. The partnership can be started at the will of the partners where the firm stands dissolved whenever the partners want it to as there is no fixed period or provision regarding the business duration and determination of the firm. Such a type of partnership is known as partnership at will.