what do you mean by partnership by holding out
1 Replies
CA Himanshu Bansal
(Risk Manager)
(2345 Points)
Replied 11 May 2009
Partnership by Holding Out -
Suppose a Person who has no partnership in the firm,but his words or conduct highlights him as a partner is called a partner by "Holding Out ".
It is Important to note that if any party provides loan to the firm because of his such conduct,then he will be liable to "discharge" debt in the same manner as other partners will be.
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