Columbia Basin, Ephrata, WA | Wow, a lot of real optimists on this subject. ***
I think the guy that advised to keep your mules in a place where you can take them home was good advice, but obviously we aren't talking about mules in this day and age. To the tenant farmer, his miles were his most valuable asset. Today, land is your most valuable asset. Keep land ownership individual, and pay rents or shares to yourself and other partners just like you would any uninvolved landlord.
Have plans in place for who is allowed to pull cash for who is allowed to pull cash out of the partnership, how much and when. Along with that have exit plans in place. Those two things should make it possible to keep the partnership from going under as the result of one partner's spouse getting difficult or divorcing.
I think your situation is one where a partnership can work. Each guy is bringing a skill set and land base that when combined with the others, should create some beneficial economies of scale and labor specialization. It's going to be a little thin starting out if you are trying to make three full time livings on 2,000 acres, but I don't see how you'd necessarily be any worse off that you are now.
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Forming a Partnership
