If the other partner can't afford to finance / buy his own limo, what's going to happen when the limo needs $5k worth of repairs? Or when he decides to cash in all his accrued wages that he feels he is entitled to? Who decides his hourly rate? There are just too many variables and unknowns that are present in this situatuion. And too many awkward conversations that need to take place.
To me, a partnership has in it all the stress and risk of ownership but only a limited amount of freedom in how to best run the business and make critical business decisions.
For a one limo operation, this partnership just looks to be more stress than it is worth. Just my opinion.
Whatever you decide, I wish you the best of luck.