50/50 Partnership, Deductions, and One Name on Loan

[Jess Archives]

I’m trying to understand how to structure a 2 person partnership.

Money and profit is split 50/50.But the loan will be in my name. We’re doing the first few purchases with an Operating Agreement only.

Does anyone see an issue with this? Specifically come tax day? Can my partner deduct expenses even if his name isn’t on the loan?