If setting up a partnership like this, or any, make sure you get a partnership agreement - very simple to do though you will need a solicitor - but it means everyone is on the same page, if the partnership is to break up for any reason it is all laid out there - if anything unforseen was to happen, such as a death and there is no agreement, the partnership reverts to partnership law which is over 100 years old. This can cause problems particularly if you had an uneven split of profit in the group ie 60/40 - it would automatically be 50/50