Hi Steve. 1st off I think that partnerships can work if done properly. With both parties clearly understanding their role in the business and put in writing, no matter how close you both may be.
I was in a situation where I was young and broke. My partner had the loot and we did not clearly outline our partnership. We were in our early 20's in Aspen and while I was starting to wind down on the partying thing, he was still rolling strong. It didnt take long of him showing up at noon hung over for me to lay the ultimatium, buy me out or I buy you. He bought me out.
We did manage to put together a nice business and we still remain friends to this day. He closed his doors about 7 years ago and moved back to Fla.
In closing I would say that I would take on a partner again but only with complete clarity on both of our roles. Just not this time