Forms of Business Organisation-1 — OCM STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceOCMForms of Business Organisation-12 Marks
Question
Holding out partner means what?
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Answer
A person has not entered the agreement of partnership, he has not contributed in the capital for the firm, he does not share profit-loss of the form but on the basis of his behavior, third party considers him as partner.
This person is known as holding out partner. Taking his credit in account third party does transactions with him. His liability is unlimited.
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