| Commentary

(3) Salaried partners

| Commentary

(3)     Salaried partners

In addition to the LLP point, one other modern complication is the existence of two hybrid forms of partner, short of a full equity partner. The first is often referred to as a 'salaried partner'. In Stekel v Ellice [1973] 1 All ER 465, [1973] 1 WLR 191, CL D, Megarry J said that 'The term “salaried partner” is not a term of art, and to some extent may be said to be a contradiction in terms'. This case is one of the very few to consider the nature of such a partnership and was ambiguous (for present purposes) in its result which was that, even if the claimant was a partner, the actual arrangement in question barred him from claiming any of the capital that he was seeking in any event. However, Megarry J (stating that he could derive little assistance from the older

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