What is meaning of limited partners and partners by holding out?
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Answer:
limited partner refer to partner having limited liability
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Explanation:
Limited Person is referred to the person whose liability generally is limited to the investment done by him in the business. If a firm faces the loss then he must be liable to extent of the invested money only .He must have no right to participate in administration of that firm. Holding out partner can be referred to the person who is not a partner of a business but his conduct or word highlights him as the partner .He would be liable for discharging Debt in just like the other partners.
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