Entering into a partnership is more than just signing the agreement. Have you actually investigated whether a partnership is the best way to go? What about a Joint Venture?
Once you become partners, you are jointly and severally liable to an unlimited extent for all partnership debts. What this means is that you cannot limit liability to meeting only your share of the debts. If the other partner has no assets, then you may have to meet ALL of the debts even if you only have a half share in the business.
You are quite right in considering asset protection. Companies are a good start but quite often, if borrowings are involved, the personal guarantees required of directors expose your personal assets anyway. This is worth at least a phone call to your accountant or solicitor.
I agree with the other replies, you can see there is a lot more to a partnership agreement than meets the eye. Just look at the list posted.
It really needs to be looked at by your solicitor and or accountant. They will both bring different issues to the table when looking at it from either an accounting point of view or a legal point of view. But even one of them will be able to help.
It is great to get ideas, information etc from this forum, but this is probably something you need specific advice on from someone who can review the agreement, have your best interests in their mind and be qualified to give you the appropriate advice.