Commercial Applications
Distinguish between partnership at will and particular partnership.
Partnership
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Answer
| S.No. | Basis | Partnership at Will | Particular Partnership |
|---|---|---|---|
| 1. | Duration | Formed for an indefinite period. | Formed for a specific time period or to achieve a specified objective. |
| 2. | Time/Purpose | Time period or purpose of the firm is not mentioned at the time of formation. | Time period or specific purpose is clearly mentioned at the time of formation. |
| 3. | Continuity | Can continue for any length of time depending upon the will of the partners. | Continues only till the expiry of the specified period or completion of specific purpose. |
| 4. | Dissolution | Can be dissolved by any partner by giving a notice to the other partners of his desire to quit the firm. | Automatically dissolved on the expiry of the specified period or on the completion of the specific purpose for which it was formed. |
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