Explain the following terms under the Indian Partnership Act, 1932: (1) Partner by holding out (2) Nominal Partner

(1) Partner by holding out (Section 28 of the Indian Partnership Act,1932): Where a man holds himself out as a partner, or allows others to do it, he is then stopped from denying the character he has assumed and upon the faith of which creditors may be presumed to have acted. (2) Nominal Partner: A person who lends his name to the firm, without having any real interest in it, is called a nominal partner. He is not entitled to share the profits of the firm. Neither he invests in the firm nor takes part in the conduct of the business. He is, however liable to third parties for all acts of the firm.