If you want a simple answer, difficult!
I think we'll agree that, it's very difficult to establish a marriage or civil partnership, and more difficult to maintain that relationship. IMHO it's a lot more difficult to keep up a business partnership, especially when there is more interest/risk at stake, meanwhile you don't sleep together and/or no kids.
Difficult, doesn't mean it can't be done. It's about trust, like in any relationship. It's about people, like in any business. It's also about expectation and reality.
Using a project I started a little bit more than a year ago:
Before I got into it. I checked whether that project is good, on paper. I thought about whether those people are competent, and more importantly trustworthy. I also brought my wife and family, to use their instinct... Once I made the decision to trust those people, then I made the decision to join, then we structured a deal, then I commit to it.
A lot people said it's very or more difficult to do business with fellow Chinese, which personally I agree even though I'd like to add it's very difficult to do business with anybody. In the end, it's about everybody's expectation should be realistic and lined up.
I was told it's very common to have 50/50 between 出钱的 and 出力的. Well, case by case it could vary between 40/60 or 60/40 also, but you got the point. IMO it's very reasonable for managing partner to have 20%, if not more, then the average partners. Talking about higher level, rather than just "managing", they deserve more.
For people only have money, no expertise, then you have to be passive. What kind of return you are expecting then, 10%, 20%, tell me what is the reasonable and realistic line. Are you willing to shoulder any risk/uncertainty?
My personal experience, some of my good Chinese friends, trustworthy, sharp, successful business person, but never were able to work together on anything. Their line is: just tell me how much money you invested, and how much share do you have? Well, we acquired/bought this project, finalized sub-division, put up a team (attorney, engineer, architect, accountant, realtor, printing, web, event, construction, sub-contractors...), financed this for years, secured NM new construction loan with personal guarantee including my business... No no, please just tell me how much of your own money out of pocket, and how much interest do you have, and I'll invest at most that amount...
If you are the best and could, then I'll take control. 当仁不让 to be the leader. If there is better person, then I'll be the follower, contribute my part of job. If not, then I'll get out of way: either not participate, or give trust to somebody and sleep on that.
