Question

explain different types of partnership firm​

Answer 1

ANSWER:-

TYPES OF PARTNERSHIP FIRMS

• Partnership at will :- The partnership formed for an indefinite period is known as partnership at will. This type of partnership exist at the will of the partners and comes to an end whenever partners desire so. Any one partner can give notice of dissolution and partnership will come to an end.
• Fixed Period Partnership :- Yhe partnership formed for a specific period of time say 3 years or five years etc is known as fixed period partnership. This type of partnership firm automatically gets terminated on expiry of that specified time period.
• Particular Partnership :- The partnership which is form to carry on a particular venture is known as particular partnership. This type of partnership comes to an end automatically on completion of that venture. For example, if two persons jointly get a contract for construction of a bridge then these two persons may form a partnership to construct the bridge. When Bridge gets constructed and is ready then the partnership automatically comes to an end.