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Partnership Deed

Give the word...

Question

Give the word / term or phrase which can substitute each of the following statement.

A partner who acts and behaves like a partner, but he is not a partner of the firm.

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Solution

Partner by Estoppel or Holding out
Explanation: A partner who is actually not a partner of the firm but represents to the outside world that he is a partner in the firm is regarded as a partner by estoppel or holding out. Also, such persons are liable to outsiders as partners because on the faith of their representation, outsiders have granted credit to the firm.

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