How would you structure this partnership?

[Spencer I.]

I am a wholesaler, and I am working with another individual (r.e. broker). Right now only my name goes on each contract which in turn means all of our assignment checks are made out to me. I then write my partner a check for half. Doing it this way, it looks like (to the irs) I made all the profit even though it we split it in half. My question is, how do you structure this so I am not liable to pay taxes on the money we split? Should be ask to put his name on the HUD? Or should I file a separate tax doc stating what he is being paid? Any suggestion will be greatly appreciated.

[Debra Grumbach]

Get his tax ID number and have your accountant issue him/her a statement. It's required actually by the IRS. You issue the form and deduct his "share" as an expense. He gets the form and has to claim the income.