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Simple English definitions for legal terms
partnership at will
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A quick definition of partnership at will:
A partnership is when two or more people own and run a business together to make money. There are different types of partnerships, like a general partnership where everyone is equal, or a limited partnership where some people only invest money and don't help run the business. A partnership at will means that any partner can leave at any time without getting in trouble. A partnership by estoppel happens when someone acts like they're a partner, even if they're not officially one.A more thorough explanation:
A partnership at will is a type of partnership where any partner can dissolve the partnership at any time without incurring liability. This means that the partnership does not have a specific duration or end date, and can be dissolved by any partner at any time.
For example, if two friends decide to start a business together and form a partnership at will, either friend can decide to end the partnership at any time without facing any legal consequences.
This type of partnership is different from a partnership for a term, which has a specific duration or end date. In a partnership for a term, a partner who ends the partnership before the specified end date may be held liable for breaching the partnership agreement.