A partnership with no fixed period and no specific undertaking is generally known as a:
Correct answer: B. Partnership at will
- A. Particular partnership
- B. Partnership at will
- C. Limited partnership
- D. Registered partnership
Explanation
A partnership at will continues for an indefinite period until a partner gives notice of dissolution. A particular partnership is created for a specified business or venture.
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About Nature and Forms of Business Organisation
Business organisation combines people, capital, materials and entrepreneurship to produce goods or services and earn profit, while also meeting customer and social needs. Coverage includes sole proprietorships, partnerships, companies and cooperatives, with comparisons of ownership, liability, control, profit sharing, continuity and legal status.
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