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Commentary

66.2 Drafting issues

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

66.2 Drafting issues

| Commentary

66.2 Drafting issues

Where no fixed term has been agreed upon for the duration of the partnership, the partnership is a ‘partnership at will’ which means that any partner may terminate the partnership at any time on giving notice to all the other partners of his intention to do so1. It is therefore usual to include a fixed term in the partnership agreement to exclude this provision.

There are two main options. The first is to provide for a fixed term of a number of years or months, remembering to include a provision that the partnership will continue automatically on the

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