Anyone have a partnership?

[Dana Vijum]

I have an LLC and will be possibly partnering up with a friend of mine who has one as well. We are interested in purchasing land and starting a RV/Boat storage business in Northern AZ. (We both live in AZ)

1. I will be putting up money for the down payment and securing  financing because my partner has changed career fields in the last year and may have trouble qualifying for a loan on paper.    My partner will be able to be on site while improvements are being done to the property (fence, well, septic etc).

Questions I have:

1.  Would you consider this a 50/50 split on proceeds since I am putting up the $ and he is doing the rest to get us up and running?

2.  Do we open up a new account in both our names for income & expenses?

3.  How are taxes handled in a partnership arrangement like this?