Asked by Kennedy Ellison on May 11, 2024
Verified
A person who represents himself to third persons as being a partner when in fact he is not, may have the liability of a partner.
Represents Himself
Refers to an individual who acts as his or her own legal representative in court, without an attorney.
Liability of a Partner
The legal responsibility of each partner in a partnership for the debts and obligations of the business, which can extend to their personal assets.
- Comprehend the implications of partners' malpractices and false statements on the partnership as well as on external entities.
Verified Answer
KM
Kèvîñ MártîñézMay 14, 2024
Final Answer :
True
Explanation :
This is known as "holding out," and legally binds the person to the responsibilities and liabilities of a partner, even if they are not actually a partner in the business.
Learning Objectives
- Comprehend the implications of partners' malpractices and false statements on the partnership as well as on external entities.
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