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Business Studies

Types of Partners , Partnership and Companies

A partner who...

Question

A partner who is not exactly a partner in a firm but represents himself as a partner is known as ___

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Solution

Partner as holding out

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Q. Rohit is not a partner in a particular firm. But, he represents himself or knowingly permits himself to be represented as a partner of that particular firm to Sanjay, who on the faith of such a representation gives credit to the firm. Is Rohit liable as a partner in the firm?

Q. A partner who has not entered into a partnership agreement and conducts or represents himself as a partner in a firm is called _____________.

Q. A person not being a partner but represents himself to be a partner is called...........

Q. A person not being a partner but represents himself to be a partner is called a __________.

Q. The law relating to partners by holding out is contained in Section

28

, which lays down thus: "Anyone who by words, ________ represents himself, or knowingly permits himself to be represented to be a partner in a firm, is liable as a partner in that firm to anyone who has on the faith of any such representation given credit to the firm, whether the person representing himself or represented to be a partner does or does not know that the representation has reached the person so giving credit".

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