Splitting profit with business partner

I know many people have asked this questions but looking for ideas also.



I have one other business partner joining me. Here are the details of the partnership:



- $120k total to start, we are both investing $60k each.

- I'm majority owner at 51% stake and he's at 49%. I have final say in major decisions.

- Business will be open 40 hrs/week.

- I will work 40hrs / week (5 days) full time

- Partner will stay at his current business full-time and work 8hrs/week part time at our business.

- S-corp (if that matters to anyone)



Now I have tried to research ways of paying us fairly but couldn't find much.



Our accountant proposed that we have the same set salary per year (i.e. $30,000/yr each) and the remaining profits leftover, we can divide that amongst hours work per year (i.e. I'll avg 40 out of 48 hrs worked per week at 83% of final profits and he'll avg 8 out of 48 hrs worked at 17% of final profits)



We will use our time sheets to determine final hours worked.



We can split profits quarterly, twice a year, or yearly but that can change as business grows.



Any suggestions, opinions, input would be greatly appreciated.