Partnership Types

Question 1

At-Will Partnership

Answer 1

An “at-will partnership” is one where the partners have not agreed to remain partners until the expiration of a definite term or the completion
of a particular undertaking. It is the default form of partnership. (Most partnerships are atwill.)

Question 2

Term Partnership

Answer 2

A “term partnership” is the converse—it is a partnership where the partners have agreed, explicitly or implicitly, to remain partners for a definite term or until the completion of a particular undertaking.