What is meaning of limited partners and partners by holding out?
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Heya user ✨✨
✨ Limited Partner ⏩ A person whose liability is limited to his investment in the business.If the firm faces loss then he is liable only to extent of his invested money.He has no right to take part in the administration of the firm.
✨ Holding out partner ⏩ A person who has no partnership in the form but his word or conduct highlight him as a partner .It is important to bring out that if any party provide a loan to the firm because of his such conduct then he will be liable to discharge Debt in the same manner as other partner will be.
✨ Hope this helps you ✨
✨ Limited Partner ⏩ A person whose liability is limited to his investment in the business.If the firm faces loss then he is liable only to extent of his invested money.He has no right to take part in the administration of the firm.
✨ Holding out partner ⏩ A person who has no partnership in the form but his word or conduct highlight him as a partner .It is important to bring out that if any party provide a loan to the firm because of his such conduct then he will be liable to discharge Debt in the same manner as other partner will be.
✨ Hope this helps you ✨
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