ADDING PARTNER TO A RUNNING PROFITABLE BUSINESS

To add a partner, you must draft a supplementary partnership deed defining capital contributions, profit-sharing, and roles, and handle any necessary statutory filings (especially if converting to an LLP). For finances, balance partner remuneration (salary) and interest on capital as deductible business expenses to optimize tax, while ensuring the profit-sharing ratio fairly reflects your 12 years of established business value. Always consult a CA to formalize these terms in a legally binding agreement.