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Source Partner Authority and Liability Partner Authority and Liability Matched to this deck.

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A business founder lets a lender believe she is a partner, attends the loan meeting, says nothing when introduced as an equal partner, and the lender extends credit in reliance on that representation.
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A person can be liable as a purported partner only for public-corporation securities claims. A person who represents or consents to being represented as a partner may be liable to a third party who extends credit in reliance on that representation. Purported partner liability requires proof that an actual partnership was formed. Purported partner liability is impossible under modern partnership law.

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