All of the following conditions must exist for partnership by estoppel to exist EXCEPT

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For partnership by estoppel to exist, participants must hold themselves out as partners, a third party must believe and rely upon that assertion, and the third party must suffer harm as a result. The agreement to share in the profits is a necessary element of a partnership, so if one partner agrees not to share in the profits, partnership by estoppel cannot exist.

All of the Following Conditions Must Exist for Partnership by Estoppel