Partnerships and Profit Distributions

[Vaughn Lewis]

Hi BP friends!

Looking for some thoughts / guidance.....

I am considering forging a business partnership with a like-minded investor in my area.  On the business end I was wondering if there is a standard in terms of profit distribution ratio (other than 50/50) that might apply in our particular circumstance:

• I am retired, would be spending full-time on the business - and basically would be doing everything as far as legwork, finding properties, #s crunching, evaluation etc etc.  When I find a potential deal I would present all the particulars and analysis - and from there we'll collectively determine whether to get more info, drop or act on it.   
• I have the working capital which we would leverage to the end of financing properties.  Otherwise, I have little income over/above monthly obligations as my only current income is my pension - and thus probably don't have much borrowing power.
• My would-be partner works full-time; doesn't have much up-front capital to contribute - but does bring a much better debt/income ratio and thus also borrowing power to the table.

Any thoughts/ suggestions as to what I should propose as far as a profit distribution formula (for those funds not going back into the entity fund)?

Thanks so much!

Vaughn