70. Liability arising from holding out or representation.

(iv)     Holding out as Partners

70.     Liability arising from holding out or representation.

Anyone who represents himself, or knowingly1 allows himself to be represented, as a partner may be liable as a partner to third persons2 and for partnership taxation3. He is liable to anyone who on the faith of any such representation has given credit to the firm, whether the representation has or has not been made or communicated to the person so giving credit by or with the knowledge of the apparent partner making the representation or suffering it to be made4. Each partner is the