Introduction:
-On the basis of duration the nature of partnership, it can be divided in the
following types.
1.
Partnership
at will and particular partnership: -When there is no
provision in partnership agreement for the duration of the partnership is
called 'Partnership at will'. A partnership may be dissolved by any partner by
giving notice in writing to all partners of his intention (aim).
Some partnership firm formed for
some specific object or for a particular period the
partnership is called a "particular partnership". Such
partnership comes to an end on the completion of the venture or on the expiry
of the period.
2.
General
and limited Partnership:
-In a partnership when the liability of partners is unlimited is called general
partnership. There are two types of partners, general
partner and the special partner. The general partner's liability is unlimited
whereas special partner's liability is limited.
3.
Registered
and unregistered Partnership:
-Initially it is not compulsory to get the partnership registered
under the Indian Partnerships Act, 1932, except in Maharashtra State. In
Maharashtra State registration of partnership firm is compulsory since April,
1985. Partnership which works according to the partnership Act is called as
Registered Partnership.
When a partnership is established
for general purpose, it may not be
registered then it is called unregistered partnership.
