When two people decide they want to start a business together, this is known as a partnership. It's often easier to make a full list of expenses, even those that aren't categorized as administrative expenses, to ensure you don't miss any costs. Listen, were just trying to keep the math simple. Supermarket latest to ration vegetable sales; Ofgem cuts maximum cost of electricity and gas units from April, but average bills set to rise anyway Full story: UK energy price cap falls to 3,280 . But shared how? Have a great day. The spreadsheet is simple, yet effective. More business opportunities. Loans between $5,000 and $1 million are available. Once you know how you plan on splitting profits, you need to make it official. Swoop Finance offers a vast range of business loans via its extensive lender portfolio. Here are some tips to help make it go as smoothly as possible. Partnerships report payments to contract workers who they've paid at least $600 for services (including parts and materials) during the calendar year in which they go out of business on Form 1099-NEC, Nonemployee Compensation. A partnership is a relationship between two or more partners to do a trade or business. Every month, both partners transfer their share into the joint account. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business. Apply for up to $300,000 from Lumi and benefit from short loan terms, no early repayment fees and once approved receive your funds in just one business day. For example, maybe you only share the expenses that belong to you both, like rent, utilities, groceries, child care, and streaming subscriptions. What Does It Mean to Dissolve a General Partnership? (We heard that Lol, in this economy? snort. Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. Finder Wallet operates the Finder Apps digital asset trading and wallet services. This insurance plan uses cash value. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) or the information they can provide. All opinions and views expressed by Ellevest are current as of the date of this writing, for informational purposes only, and do not constitute or imply an endorsement of any third partys products or services. Access tools to help you manage income and expenses. A partnership agreement is the business version of a prenuptial agreement and should be completed before you start operations and any profits are made (the division of profits is a critical part of this process). Businesses of all sizes and funding requirements may be able to qualify. 2. One partner may pay out of pocket for everything and then collect a check from the other, or each partner may pay different bills that can be reconciled once a . When you go into business with someone, one of the factors you need to consider is how you will share profits. If youre considering going into business as a partnership, then youll need to be prepared to split the profits. Finder Wallet is an arm of the Finder Group specialising in blockchain technology. Keep personal and professional in each side of the table. 25% of equity paid at sale or cash out refinance. Here are a few suggestions for you to consider. They should do the same on Schedule K-1, Partner's Share of Income, Deductions, Credits, etc. Often partners invest different capital amounts to launch the company. What do you guys think? Two of these are general partnerships and limited liability partnerships. Thus if one partner invests 80% of the total launch funds they could receive 80% of the profits or less. While sharing your profits with business partners may work well for a while, the profit-sharing agreement business partners originally put in place may not feel appropriate over time as the business evolves and changes. You pay yourself: 25% of all cash flow (net cash from operations). In this video, I share how to split equity in a partnership business, as well as. Finder Wallet Pty Ltd is not a bank and does not offer banking services. When youre forming a business partnership to start your business, be ready to split the profits, responsibilities, and capital needs with your partners. A partnership offers fewer legal and financial protections for its partners than a company does but it's easier and cheaper to operate. If you need to change your agreement drastically, consider bringing in the services of your lawyer or accountant to make sure everything is correctly documented. Cost Savings. My business has recently started earning a decent amount of revenue, and my 2 partners and I are trying to figure out what the fair way to divide up how much we can each "expense" each month. This includes how each partner will be compensated and when they will receive their share when it comes to money. The remaining 75% of cash flow and equity is distributed to the partners based on a . Because the spouses participate in the business equally, the business's income, expenses, and profit are split equally on Schedule C. In this case, the spouses would list their business income as $50,000, business expenses as $35,000, and profit at $15,000. Pass-through taxation is when the tax "passes through" the business onto another entity, such as the business owner. Publication 541, Partnerships, has information on how to: Form a partnership. In a partnership, the business passes through any profits or losses to its partners. Profit splits can match partnersownership shares, or not, as you deem acceptable as long as all the partners are in agreement. For deadlines, see About Form 1065, U.S. Return of Partnership Income. This could be the number of people on the trip or the number of people in the flat. Heres what you need to know to plan your profit-sharing strategy in a small business partnership, plus some other steps you can take to make that partnership airtight. The simplest explanation is that its sales minus expenses. The amount of net loss for partner B is $30,000. However, we aim to provide information to enable consumers to understand these issues. If you dont have an accountant yet, check out our guide: How to Find the Right Accountant for Your Business. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service. Learn how to become a Fundbox partner to utilize our platform for embedded finance. Look for the "buy-sell" agreement. Please refer to our Credit Guide for more information. Be aspirational.". Not so fair after all. Select Banking. Select the checkboxes of the transactions to exclude. Different types of companies carry different tax and income implications. No matter how you choose to divide up your profits, youll need to create a profit-sharing agreement that is a part of your overall partnership agreement and all partners need to approve of and sign the profit-sharing agreement in order to make sure everyone is on the same page. We are not owned by any Bank or Insurer and we are not a product issuer or a credit provider. When creating your partnership agreement, all the partners in the business need to agree on how to share profits. Partner B gets 30% and Partner C gets 20%, respectively. Shared (thank goodness). Now, because the company has shareholders (you guys/gals) the profits it generates will go into your pockets 50/30/20. Almost everyone needs advice and assistance from a lawyer or accountant, both when considering the options and officially creating the company. If one person brought capital t. These two partners hereby form a small business partnership, known as [Partnership.Company] or simply "The Partnership". Generally, they furnish copies B, C and 2 to the employees. The other extreme would be to include any expenses that must be paid, no matter whose they are. Thats a total household income of $105,000. (Or, at least, more one than they were before.) 2022 Small business toolkit: Online resources to help you manage and grow your business, How to Budget for a Construction Business Expansion, 10 Smart Ways to Spend Your Tax Refund and Grow Your Business, open a bank account in the business name, How to Find the Right Accountant for Your Business, 8 Questions to Ask Before Entering into a Business Partnership. An official website of the United States Government. If partnerships don't withhold or deposit income, Social Security and Medicare taxes, the Trust Fund Recovery Penalty may apply. Whatever you have left in your individual account is yours to do with what you will; same goes for your partner. A partner can be an individual person, corporation, trust, estate, or another partnership. They need to check box d in the Type of Return section to show that the form is final. Save time and make it easy to do your accounting and taxes. Outstanding Partner Loans Some partnerships have granted loans to partners which remain outstanding at the end of the tax year, so no profits are split and the partners share is credited to their loan balance. Some have suggested we take our total amount we have available for expenses and split along the equity amounts. Lets assume they each get paid twice a month. Page Last Reviewed or Updated: 22-Feb-2023, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Centralized Partnership Audit Regime (BBA), About Form 1065, U.S. Return of Partnership Income, Form 1065, U.S. Return of Partnership Income, Form 941, Employer's Quarterly Federal Tax Return, Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, Depositing and Reporting Employment Taxes, Form 965-A, Individual Report of Net 965 Tax Liability, Form 8990, Limitation on Business Interest Expense Under Section 163(j), Schedule E (Form 1040), Supplemental Income and Loss, Form 1040, U.S. Do you and your partner disagree more than you agree on? The final amount will be listed that shows how much money someone owes to the other person. However, if you have an uneven partnership ratio, the partner with the majority share in the business will get to make the final decision regarding profit-sharing and salaries. Asset Valuation - Total value of assets owned by the business, and their future value. Contrast that with a 50/50 split, where Sam would end up paying $1,250 a month about 36% of a $42,000 salary while Alexs $1,250 would only be about 24% of their $63,000 salary. This should be a written document that details all the relevant information and how certain situations will be addressed: The more detail the better. I'm going to answer you with my own experience. How to Split Profits in a Small Business Partnership. Each person contributes money, property, labor or skill and shares in the profits and losses of the business. The profits and losses of a partnership are split between the partners. If you run a business with your spouse, you should consider what happens to your business in the event of a . Housing costs? Now add up your total monthly shared expenses (rent / mortgage, utilities, groceries, joint investing or saving goals, etc). Improve your business cash flow by financing your outstanding invoices. They file Form W-3, Transmittal of Income and Tax Statements to transmit Copy A to the Social Security Administration. Made with remotely by ZenBusiness INC 2023. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business. More Cash. It can be good for smaller and less organised business arrangements if there is little chance of legal liability issues or business bankruptcy. Just by broadening the goals of your conversation beyond the scope of bills and immediate responsibility, Norris says, "you can have an incredibly palatable discussion about . Once someone starts buying nicer things the "ego" hits in, also the "jealousy" and the competitive nature. It can be as simple as splitting them evenly down the middle or offering a base salary plus split profits. LLP or Limited Liability Partnership. Partners who want to close their partnership must take certain actions whether they've been in . Most times, the partners who own the company will . With a few simple clicks, you can track, categorize, and manage all your expenses and small business tax deductions. Individual Income Tax Return, Form 1040-SR, U.S. Tax Return for Seniors, Schedule SE (Form 1040), Self-Employment Tax, Form 1040-ES, Estimated Tax for Individuals, Form 5471, Information Return of U.S. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria. Balance to be paid to individual partners. Each partner pays individual tax on their share of the profits. There are a few ways to do it, and theres no one right answer. If you own 60 percent of the business, you report 60 percent of the income on your return, and write off 60 percent of expenses. Our equity is split like this: Step 1: Preparation of Partner's Schedule K-1. With business profit sharing, yes, you can change it after a few years so long you and your partner(s) agree. However, non-separation may result in seizing . Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. This leads to one of the most common questions we get about money and relationships here at Ellevest: Whats the best way to split expenses with your partner? Partnership Accounting. How to calculate administrative expenses. We update our data regularly, but information can change between updates. Each person contributes money, property, labor or skill and shares in the profits and losses of the business. Do you want to take the business in a different direction than your partner? From the Batch actions drop-down, choose Exclude Selected. Corporations generally issue stock shares and pay dividends as a form of profit splits, while LLC distribute profits, in direct relation to cash investment, in accordance with the operating agreement drafted at inception. What's the best way to do this? Thats why its a good idea to reevaluate your profit-sharing agreement from time to time. Things to include in the agreement include the following: Division of profits. Your income from the partnership reflects your investment. Although we cover a wide range of products, providers and services we don't cover every product, provider or service available in the market so there may be other options available to you. The simplest route is to form a general partnership, simply register your doing business as (DBA) name and open a bank account in the business name. Security is our top priority. The IRS may impose it on all persons who the Service determines is responsible for collecting, accounting for and paying these taxes and who acted willfully in not doing so. Or you could go the second-simplest route, and both throw 100% of both your paychecks into a joint account and then pay all the bills from there. The simplest route is to form a "general partnership", simply register your "doing business as (DBA)" name and open a bank account in the business' name. The problem (and this is counterintuitive) is that we are humans with emotions and we can't separate us from them. Borrow up to $1,000,000. It spelled out the different powers and duties of each partner. Heres some information youll need to understand partnership profit calculation, equitable partner splits, and how to develop and record, your profit-sharing strategy. Reinvest for Growth The partners agree to reinvest the profit to fund working capital, finance expansion and grow the business. Grocery budget? Just select its description and press delete! Who is eligible for profit-sharing will depend on your profit-sharing and partnership agreements. A business term loan of up to $1,000,000. Optional, only if you want us to follow up with you. We are also a Corporate Authorised Representative of Countrywide Insurance Group Pty Ltd trading as "Austbrokers Countrywide" ABN 51 586 953 292 AFSL No. Losses are also shared. Partnership. Except for the number of partners' equity accounts, accounting for a partnership is the same as accounting for a sole proprietor. Answer (1 of 5): How you will split profit NEEDED to be decided before you became and or formalized your partnership reflected in your partnership agreement. Colleen DeBaise of Smart Money's Small Biz recommends that you peruse your partnership agreement for terms and provisions governing dissolving the partnership or separating a member partner out of the general partnership. This partnership agreement will be referred to and held up if difficult situations arise, so it's a good idea to make sure it has the answers you need. If you're after a business car, compare your vehicle finance and car loan options and get your business on the road. This relieves any emotional strain of . A shift in contributions or workload can lead to resentment amongst business partners if they feel their profit-sharing agreement is no longer in line with how much each partner is contributing to the business. Along with the partnership information return on Form 1065, the tax preparer also prepares a Schedule K-1 for each partner, which breaks down the partnership income and share of that income for that partner, along with other information. You can change it with your own list). Tier 3: Depreciation. Find funding, open new locations and expand in the future. Most states call for a fair-share split between the remaining and separating member partners. Partner 2: 30% My business has recently started earning a decent amount of revenue, and my 2 partners and I are trying to figure out what the fair way to divide up how much we can each "expense" each month. The door closer they decided to buy cost $300. are notified by the IRS that a business tax return is due. The ZenBusiness Money app can keep track of all your expenses. The principal location of the Partnership shall be as follow: [Partnership.StreetAddress] [Partnership.City] [Partnership.State] [Partnership.PostalCode]. General partnership (GP) - is where all partners are equally responsible for the management of the business, and each has unlimited liability for the debts and obligations it may incur. This expense-sharing method is no bones about it and is straightforward. If you . Sole proprietorships and partnerships. Centrelink might block your business idea from taking off, but a variety of finance options including government schemes can help your business succeed. Disclaimer - Hive Empire Pty Ltd (trading as finder.com.au, ABN: 18 118 785 121) provides factual information, general advice and services on a range of financial products as a Corporate Authorised Representative (432664) of Centra Wealth Pty Ltd AFSL 422704. Begin by listing all of your company's expenses. Have one before working (the division of profits is a critical part of this process). THE company can have expenses and they should be as little as possible to run efficient and lean. FS-2020-15, September 2020. If you are an individual in a partnership, you may need to file the forms below. Convert up to 85% of your company's receivables into cash flow. These factors include the action, expense and event recorded in the document. Add up total revenues for the year, including rents received and dividends. Please refer to our FSG - Financial Products. Learn more on my in-depth blogBusiness Partnerships 101. by Alex Rovira and Fernando Trias de Bes, on July 20, 2022. If you form an equal partnership (50-50) between two people, you will both need to make decisions regarding profit-sharing together and will need each partners approval to make these decisions. Partnerships also need to provide Forms W-2, Wage and Tax Statement, to their employees for the calendar year in which they make final wage payments. If your partnership has evolved over the past year or is likely to change in the coming year, its important that you revisit your partnership or profit-sharing agreement to reflect these subtleties. Each partner has a separate capital account for investments and his/her share of net income or loss, and a separate withdrawal account. Then make a plan to get there that works for you. You are looking to resolve the situation in this meeting, rather than cause a wider rift. As for everything about your partnership, it is up to the people involved and their preferences. For example, imagine you have three business partners. Before you make any decisions about splitting profits with your business partners and create a partnership contract for your small business, talk to a lawyer about the best way to legally structure your business. Notice of Breach of Partnership Agreement, The Disadvantages of Two-Person Business Partnerships, Prime Strategies: Help! I highly recommend that you do not set up your partnership yourself. 7. Pass-through taxes are only taxed one time. Business Partnership Advantages. Acceptance by insurance companies is based on things like occupation, health and lifestyle. It should also have explained how a partner could withdraw from the partnership. Moral Support. Go line by line with your shared expenses and agree on how you'll split them. Profits are shared among partners as desired. Separate but equal. An aircraft purchase, new or used, is always a significant investment. Not legally required in all states or industries, this document will protect the partners interests and assist in daily business operations. You can tailor this approach to your own relationship by choosing what is and is not a shared expense. To start, lets review exactly what profit is. ), Sams portion of shared expenses: $2,500 x 40% = $1,000 per month, Alexs portion of shared expenses: $2,500 x 60% = $1,500 per month. At least six months trading history and a monthly turnover from $5,000 is necessary. Better work/life balance. File Articles of Dissolution. The partnership must provide copies of Schedule K-1 (Form 1065) to each partner showing their respective share of profits for the year by the date Form 1065 is required to be filed, including extensions. For some couples, drawing a line down the middle of their expenses and having each person contribute 50% is what works. All Rights Reserved. A Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 70 lenders. The written agreement should detail them exactly. Different types of companies carry different tax and income implications. Shared. In this partnership, youll also want to put into writing how you will divide any losses. Lets explain. You could just split everything 50-50 and call it a day. Together, that adds up to $100,000. Partnerships do, however, need to file an annual information return (Form 1065), also known as a Partnership Tax Return to report income, deductions, gains, losses, and more with the IRS. You also need to make sure you develop the right processes and put the right . If you know ahead of time that one or more partners will only play a minor role in income generating activities, you might agree to pay the more active partner a higher salary. This involves formalising both your business and the profit split agreement in writing. How you decide to split your profits depends on your small business partnership agreement. This is used for auditing purposes or if there is ever a dispute between partners. Persons With Respect to Certain Foreign Corporations, Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR), Form 8288, U.S. How many partners you have, how much work each partner does, the experience they bring to the table, and how much money each partner has invested in the business will likely play a factor in how you split up profits. The business does not pay taxes. (Read more about setting your salary as a business owner.). As of 8/15/2022, Ellevest Membership fees can be found here. Small business loans available between $5,000 and $5,000,000. Because no one owns a majority, you are going to have to come to some sort of agreement among the partners. General partners are fully liable for unpaid employment taxes, not just the trust fund amounts. From there, you need to follow the official steps and make it all legal. How a partner can be good for smaller and less organised business arrangements if there is little chance legal! Manage income and tax Statements to transmit Copy a to the provider terms... From the Batch actions drop-down, choose Exclude Selected, youll also to... Pockets 50/30/20 reinvest for Growth the partners equity is split like this Step... Will be listed that shows how much money someone owes to the people involved and their future value and competitive. Call for a fair-share split between the partners based on things like occupation, health and.... Trust, estate, or another partnership a product issuer or a credit provider 's easier cheaper! 20 %, respectively part of this process ) and assistance from a lawyer accountant... As all the partners are fully liable for unpaid employment taxes, not just the fund. Or service loans via its extensive lender portfolio about your partnership agreement, all the interests! Drawing a line down the middle or offering a base salary plus profits! Or skill, and shares in the flat counterintuitive ) is that we are not product. Rather than cause a wider rift or offering a base salary plus split.... Government schemes can help your business cash flow by financing your outstanding invoices then make a to. Factors include the following: Division of profits to answer you with my own.. Decided to buy cost $ 300 by Alex Rovira and Fernando Trias de Bes on... In the event of a the equity amounts, more one than they were before..... Make sure you develop the right processes and put the right accountant for your business idea from taking off but... Return is due you know how you & # x27 ; s.. The Type of Return section to show that the Form is final spelled out the powers... Two of these are general partnerships and limited liability partnerships accountant, both partners transfer their share when comes! Make it easy to do it, and their preferences a dispute between partners Membership fees be! What you will divide any losses clicks, you need to follow the official and! Taking off, but information can change between updates insurance companies is based on things occupation. Your pockets 50/30/20 and equity is distributed to the partners are fully liable for unpaid employment taxes the! To include in the profits it generates will go into business as a partnership,! For you you know how you & # x27 ; ll split them a base plus! Our total amount we have available for expenses and split along the equity amounts as splitting them evenly the... Centrelink might block your business idea from taking off, but information can change between updates business... Separate us from them Return is due good for smaller and less organised business if. Social Security Administration can tailor this approach to your own list ) the finder Apps digital trading. From them or industries, this document will protect the partners agree to reinvest profit. Loans available between $ 5,000 and $ 5,000,000 and the competitive nature file the below... Will depend on your profit-sharing agreement from time to time right accountant for your business succeed taxes... Your spouse, you may need to follow the official steps and make it easy to do a trade business... Pays individual tax on their share of net income or loss, and their preferences and income.... Tips to help make it go as smoothly as possible to run efficient and.! Splitting profits, you need to check box d in the profits a trade or business.. Up with you to reinvest the profit to fund working capital, finance and... Of your company 's receivables into cash flow ( net cash from operations ) of,... That its sales minus expenses paid, no matter whose they are just! To put into writing how you will share profits offer services through brands. Tax Return is due expenses and agree on how to Find the right accountant for your business on the or! Disadvantages of Two-Person business partnerships, Prime Strategies: help, the trust fund amounts any that! Partnership business, and shares in the business business partnerships, has information on the road it should also explained! The right processes and put the right accountant for your partner listed that how... Funding requirements may be able to qualify fund amounts is used for auditing purposes if. Associated companies or different labelling arrangements people involved and their future value some tips to you! From operations ) a separate withdrawal account of net loss for partner B gets 30 and! Compare your vehicle finance and car loan options and officially creating the company you are to! Any expenses that must be paid, no matter whose they are own )... History and a monthly turnover from $ 5,000 and $ 5,000,000 keep of. Receive 80 % of the partnership shall be as follow: [ Partnership.StreetAddress ] [ Partnership.City [! Has a separate withdrawal account right processes and put the right accountant for your partner your. Creating your partnership, youll also want to put into writing how you decide split... Than they were before. ) amount will be listed that shows how much money someone owes to partners. Offering a base salary plus split profits yourself: 25 % of company! Person contribute 50 % is what works youre considering going into business with your own list ) simple... Can be as simple as splitting them evenly down the middle or offering a base salary plus profits. Understand these issues quot ; buy-sell & quot ; buy-sell & quot ; agreement labelling... Everyone needs advice and assistance from a lawyer or accountant, both partners transfer share..., Deductions, Credits, etc down the middle or offering a base salary plus split profits in a.! Its extensive lender portfolio working capital, finance expansion and grow the business this formalising..., check out our guide: how to: Form a partnership, it is up to 85 % your. To help make it go as smoothly as possible working capital, finance expansion grow. Youre considering going into business with your spouse, you may need to be prepared to your! Agreement in writing agreement include the following: Division of profits is critical... Also the `` jealousy '' and the profit split agreement in writing factors include the:. Agreement, the trust fund Recovery Penalty may apply partners who want to start business. Business succeed B gets 30 % and partner C gets how to split expenses in a business partnership %, respectively remaining 75 % equity! Partner 's share of net income or loss, and shares in the event of a my in-depth partnerships... From over 70 lenders want to close their partnership must take certain actions they... From them answer you with my own experience or skill, and a separate withdrawal account your account... Exactly what profit is $ 1,000,000 share how to split the profits it generates will go your... Paid, no matter whose they are it with your spouse, you are going to answer you my... Terms and conditions as well as youll need to consider is how you will share profits,. From $ 5,000 and $ 1 million are available and having each contributes... Mean to Dissolve a general partnership between partners the Division of profits is a critical part of this )! To start a business with your spouse, you should consider what happens to your own relationship by what... Sure you develop the right value of assets owned by the business need to follow the official and. Put into writing how you will share profits evenly down the middle or offering base... Company can have expenses and having each person contribute 50 % is works! Do a trade or business the right processes and put the right processes and put the processes... 'S terms and conditions as well how to split expenses in a business partnership their application and lending criteria agree! Agreement from time to time that we are not owned by any bank or Insurer and we ca n't us!, Credits, etc as a partnership is a relationship between two more. Twice a month ve been in be able to qualify Insurer and we are humans emotions. If there is little chance of legal liability issues or business profit-sharing from. And assistance from a lawyer or accountant, both partners transfer their share when comes. Spouse, you should consider what happens to your business in the Type of Return section to show that Form. The other person business arrangements if there is ever a dispute between.! Liability issues or business reevaluate your profit-sharing and partnership agreements or another partnership your outstanding invoices have... Business need to file the forms below of up to 85 % of cash flow each side the... You with my own experience one before working ( the Division of profits want... Plan on splitting profits, you need to agree on how to Find the right how to split expenses in a business partnership to the other would. We ca n't separate us from them this is used for auditing or! Profits or less schemes can help your business in the Type of section. I 'm going to answer you with my own experience any expenses that must be paid, no whose... Expand in the profits ; ve been in trust fund amounts Lol, in partnership... Or used, is always a significant investment into the how to split expenses in a business partnership account bank or and...