Chapter 13 Flashcards
1
Q
Holding out:
A
A person who expressly or impliedly represents himself, or knowingly permits himself to be so represented to third party that he is a partner in a firm, is called partner by holding out. If third party gives credit to the firm, ‘partner by
holding out’ shall be liable just like any other partner.
2
Q
Rights of transferee of a partner’s interest:
A
A partner may transfer his interest in the firm by sale, mortgage or charge fully or partially.
3
Q
Minor’s admission to the benefits of partnership:
A
A minor cannot enter into a partnership agreement but with the
consent of all the partners for the time being a minor may be admitted to the benefits of partnership.
