The following are the different types of Partnership :
(i) Partnership for a fixed Term – Where Partners have agreed to carry on the business for a definite period of time, the partnership is said to be for a fixed period. It shall come to an end only after the
expiry of the stipulated period. Where the partners continue the business even after the stipulated time the partnership gets converted into a partnership –at-will.
(ii) Particular Partnership – Where two or more persons agree to do a business in a particular adventure or undertaking such a partnership is called a ‘particular partnership’. For example : A and B enter into a partnership for producing of film.
(iii) Partnership-at-will – when no provision is made by the contract between the partners for the duration of the partnership or for the determination of the partnership, the partnership is called partnership-at- will. The partnership-at-will has no fixed or definite date of termination and therefore death or retirement of any of the partner does not affect the existence of the partnership.
A partnership-at-will can be dissolved by any partner by giving notice in writing to all the remaining partners about the intention of such dissolution.