1. Concept of Particular Partnership

• A partnership formed for a single venture is called a particular partnership
  
• It is valid under the Indian Partnership Act, 1932
  
• The partnership is created to complete a specific project or deal
  
• The duration of the partnership ends upon completion of the transaction
  
• It is distinct from a general partnership, which is continuous in nature
  

2. Legal Validity and Formation

• A particular partnership is legally recognized if formed by agreement
  
• It can be created by oral or written consent among the partners
  
• The agreement must specify the nature and purpose of the transaction
  
• Partners must agree on capital, profit sharing, and responsibilities
  
• Registration is optional but advisable for clarity and protection
  

3. Rights and Duties of Partners

• Rights and liabilities are similar to those in a general partnership
  
• Partners are jointly responsible for the success or failure of the transaction
  
• No partner can act beyond the scope of the specific agreement
  
• Mutual trust and cooperation are essential for execution
  
• Partners are bound by the terms until the completion of the deal
  

4. Termination of the Partnership

• The partnership automatically dissolves once the transaction is completed
  
• No formal dissolution is needed unless the agreement requires it
  
• Assets, profits, and liabilities are settled as per the agreed terms
  
• A final statement may be prepared to account for all activities
  
• If not dissolved, it may be considered extended or converted into a general partnership
  

5. Use in Business and Commerce

• Suitable for joint ventures, tenders, or collaborative projects
  
• Offers flexibility without long-term commitment
  
• Helps combine expertise and resources for one-time deals
  
• Useful for partnerships between different business entities
  

Prevents long-term obligations after project completion