partnership by estoppel
Definition
Legally binding partnership that may arise where, in fact, no formal partnership agreement is in effect. A person who by conduct or words represents, or allows him/herself to be represented, as a partner in a firm is liable for the credit or loans obtained by firm on the basis of such representation. Also called presumption of partnership.
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partnership by estoppel is in the Corporate, Commercial, & General Law subject.
partnership by estoppel appears in the definitions of the following terms: presumption of partnership and agency by estoppel
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