Unfortunately, this term is not used with any great precision in practice. On the one hand, it can mean someone who is held out to be a partner but is remunerated solely by way of a fixed salary which is a deduction in arriving at profits. On the other hand, it is often used to describe a partner who is entitled to a fixed or guaranteed share of profits.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.