It depends I think on the outlook of both parties.
I have two “partnerships” they work out well.
One is very mild the owner of a business provides me a minimal amount of money basically fuel cost
In exchange his logo is on the car. Pretty large. Because we both know there is only so much value I
Can provide his advertising dollar in Motorsports.(plumbing company) So I do some events for him here and there, car shows, and things like that.
The other much larger partner is a transmission shop. He does all my rearend and trans work free, as well as chassis work and a huge help with the cost of parts. I also can load my stuff in his trailer if we’re traveling to the same race, there’s money exchange sometimes, sometimes he pays my entry etc etc.
I have nothing written down and I have almost zero expectations. I don’t mind the logos painted on my stuff and I’ll take any help I can get. But it’s not a 50/50 or 60/40 or 90/10 endeavor it’s simply some people with a desire to help and I try to get their advertising dollar some value. Or at least I try to create an atmosphere at the racetrack that makes them feel it worth it. Like make sure if they come to the race I got plenty water, food, nothing crazy just try to make sure there have a good time.