Partnership Structure

[Brad Meyer]

I have a question for you guys regarding how you set up your partnerships, especially involving multiple partners. Let's say that you've set up a single member LLC that you use to run your business expenses through and then later decide you'd like to partner up with someone else. At that point, do you just create a partnership agreement that both parties sign or do you actually go through the steps of setting up an LLC that includes both partners? If it's as simple as just signing a document defining the partnership's goals and intentions - how do both partners benefit from the expense write-offs of the project, when the actual expense/receipt is from one person's account?

Thanks!

-Brad