meaning of Partner by holding out?

Partner by Holding Out is a person who is not a partner in a firm but intentionally or deliberately allows himself/herself to be represented as a partner of the firm. Such partners are held liable to the outsiders for any credit or debts extended to the firm on the basis of such representation. Such a partner can refused to be a partner of a firm immediately by issuing his/her denial and describing his/her position that he/she is not a partner on such representation. But if he/she remain silent on such representation then he/she would be held liable to the third parties.