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Here's another way to operate a partnership.  We built our Lancair IV P (six
partners) using the same system a Christen Eagle partnership (ten partners)
did.  That is, we all shared equally in the financial part and absolutely no
work time records were kept.  Instead, we said that if someone wasn't working
on the aircraft, that was fine, but they were missing the fun. This takes the
pressure off to get to the hangar and removes any feelings that someone is
working harder than someone else.  The Eagle subsequently won the Wright award
(in 1981)and the partnership is still doing fine though there have been
numerous sales of the partnerships in the intervening years.  Our Lancair
partnership is also working beautifully though we have not entered the
airplane in any beauty contests (so far).

Moral of the story: beautiful airplanes can be built this way and partnerships
can be set up to the benefit of all but care must be taken in both regards.

Good Luck in choosing your arrangement,
Dave Hmiel
L IV P
N235LP