Tax on income from business for sleeping partners

i just registered  a company in my wife name alone and other three persons are investing money for ( 10% + 10% + 30% ) profit sharing basis and we are going to execute a personal aggrement for the profit sharing.

 whether my wife has to pay full income tax on the full earning OR else we have to pay tax for the 50% profit ( our share) alone based on the aggrement.

please some one guide me on this.

with regards

sairam