What defines an "at-will" partnership?

An "at-will" partnership is characterized by the ability of partners to leave the partnership without needing to provide a reason or cause. This means that if any partner chooses to exit the partnership, they can do so freely, which may lead to the dissolution of the partnership if no other partners remain. This kind of flexibility is a key trait of at-will partnerships, making it distinct from partnerships that have restrictive terms regarding exit strategies or require unanimous consent for dissolution.

The other choices reflect different partnership models. Specific exit plans outline predetermined methods for leaving a partnership, which disallows the flexibility inherent in an at-will arrangement. The requirement for all partners to agree to any dissolution indicates a consensus model that contrasts sharply with the unilateral exit rights found in at-will partnerships. Lastly, a stipulation that partners can only leave based on appointment roles suggests a highly structured partnership, which again contradicts the essential nature of an at-will partnership that emphasizes freedom and autonomy for each partner.