We need to recruit another GP. My partners and I do not want another full profit-sharing partner right now but would like someone who will provide more commitment to the practice than an ordinary salaried GP might give.
We are wondering if appointing an 'associate partner' on a fixed sum of profit share might be a good compromise but we are unclear about what this means in terms of employment/self-employment status or whether they need to be included in our partnership deed, etc. If the doctor performs well, we will invite him or her to become a full partner in two or three years.
Can you advise? Are there any major disadvantages with what we are suggesting?