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9 October, 07:34

When a partnership agreement does not specify how long it will last, it will end?

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  1. 9 October, 07:58
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    When an agreement does not specify the duration of the partnership, a partner is free to withdraw at any time without incurring liability to the remaining partners. Under the old version of UPA, still in effect in some states withdrawal by a partner results in the dissolution of the partnership although a new partnership may arise among those who stay in the enterprise. Under the revise UPA, in effect in other states the withdrawal of a partner causes a partnership to be dissolved only if the withdrawal results in the breakup of the partnership itself and the business cannot continue.
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