Section 43 of IPA : Section 43: Dissolution By Notice Of Partnership At Will

Explanation using Example

Imagine a scenario where three friends, Aarav, Bhavna, and Chetan, start a business together without a fixed duration for their partnership, which means they have a partnership at will. After some time, Aarav decides that he no longer wants to be part of the partnership. According to Section 43 of The Indian Partnership Act, 1932, Aarav can dissolve the partnership by sending a written notice to Bhavna and Chetan expressing his desire to leave. If Aarav mentions that the dissolution should take effect from the 1st of the next month in his notice, then the partnership will be dissolved starting from that date. If he doesn't specify a date, the partnership will be dissolved from the date Bhavna and Chetan receive the notice.