Splitting cost/payment?

My friend and I are opening a side business to fix vehicles. We use my shop. How are we to split profits, pay for new tools needed, etc. I have a bit

My friend and I are opening a side business to fix vehicles. We use my shop. How are we to split profits, pay for new tools needed, etc. I have a bit more knowledge in the car world and it is wear and tear on my existing tools. I just want to make it fair, while not screwing myself.

or:My friend and I are opening a side business to fix vehicles. We use my shop. How are we to split profits, pay for new tools needed, etc. I have a bit more knowledge in the car world and it is wear and tear on my existing tools. I just want to make it fair, while not screwing myself.

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