If you work in exchange for 50% of a partnership equity interest, then you have taxable income, which is also subject to SE taxes.  That is the discussion you need to be having with the service partner.

Here is a pretty through review of the issues that go far beyond how to allocate the losses:

https://www.kirkland.com/-/media/publications/article/2002/03/compensating-the-service-partner-with-...