Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
Persons, who have entered into partnership with one another are called individually 'partners' and collectively a 'firm' and the name under which their business is carried on is called the firm's name.
The contract between the partners may be oral or written.
TYPES OF PARTNERSHIP
Where no provision is made by a contract between the partners for the duration of their partnership or for the determination (i.e. the termination or end) of the partnership – the partnership is known as 'partnership at will'
When two or more persons enter into a partnership agreement for a fixed period of time, it is known as a partnership for a fixed term
Such partnership is entered into, for completing a particular job or assignment taken up by two or more persons jointly and to share the profits arising there from.