Partnership Law Practice Exam

A partnership formed for the exercise of a profession typically falls under the category of a particular partnership. Such a partnership is created for a specific purpose, which often revolves around the practice of a profession, such as law, medicine, or accounting. In this context, the partners join forces with the shared intention of achieving a common goal related to their professional expertise and services.

Particular partnerships are characterized by being defined by their specific purpose or activity, making them distinct from general partnerships or broader forms of partnerships like universal partnerships. Universal partnerships, whether concerning profits or property, do not specifically limit their scope to professional practices, which is why they do not fit the definition as closely. Similarly, partnership by estoppel arises typically in the context of representations made to third parties about a partnership's existence, rather than the creation of a partnership for a professional purpose. Thus, the correct answer aligns with the nature of partnerships formed specifically for professional activities, highlighting the focused intent behind a particular partnership.