Legal Question in Business Law in India

11.10.2016

Dear Sir / Madam,

Yes, the partnership can be formed for a fixed term or duration with the lock in period. The designs may belong to the firm or the individual partner.

Regards,

Dear Sir

To Appropriately answer your query, the Partnership Deed has to be perused. A Partnership can be formed under different heads Mainly (1) Project specific Partnership ; (2) Partnership for specific duration ; (3) Partnership at Will.

In case of Project specific partnership and partnership for specific duration, the Partnership get terminated automatically upon accomplishment of the object or expiry of duration. In Partnership at Will, the partnership will be dissolved upon notice of dissolution been given by one of the party.

So, the essential clauses of the partnership has to be considered, before appropriate advise can be offered.

Now regarding you question,as to who will share the ownership of the design. For this yet again, the provisions made in the Partnership deed has to be revised. As per Section 14 of the Partnership Act, all properties (including intangible assets) bought in the partnership firm by the partners, shall deem to be the ownership of the Firm (i.e. all the partners). Unless, under the contract, the ownership of such asset is saved in favor of the contributing partner.

So, in order to subjectively answer your query, the facts needs to be perused in details.

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