using partner on deal, does it need to close in escrow 50/50?

[Todd Powell]

I have done many deals, but never a flip with a partner. Here are some questions, if someone puts up all the money and I find and manager the flip, do we need to close 50/50 in escrow for tax purposes? Further, why would someone putting up all the money want my name on the deal legally for same interest?  I am curious how others have done paperwork and split the profits fairly for accountant and IRS and the end of the year.