Question Scenario
What do you mean by 'Partnership for a fixed period' as per the Indian Partnership Act, 1932?
Estimated Writing Time: 3 mins Try in Practice Mode
Source: 1)c)i)MDTP2, RTP,Dec2023, 3)a)i)2m,MTP2,Dec20232 Marks
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1. Provisions of the Act / Applicable Law
Partnership for a fixed period (Indian Partnership Act, 1932): Where a provision is made by a contract for the duration of the partnership, the partnership is called ‘partnership for a fixed period’. It is a partnership created for a particular period of time. Such a partnership comes to an end on the expiry of the fixed period.
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When answering law questions in the CA Foundation exam, follow the "Provision -> Facts -> Conclusion" structure for maximum marks. Ensure to state the relevant sections where applicable to earn bonus marks from the evaluator.
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