Sharing the Administrator password is the fastest way to lose control of your server. Create a user for each person: you know who logs in and you can remove their access without touching yours.
With PowerShell (as administrator)
# 1) Create the user (it asks for the password without showing it)
$pass = Read-Host -AsSecureString "Password for the new user"
New-LocalUser -Name "partner" -Password $pass -FullName "My partner" -PasswordNeverExpires
# 2) Allow them to log in over remote desktop
Add-LocalGroupMember -Group "Remote Desktop Users" -Member "partner"
If they also need to install programs or change settings, make them an administrator (think twice first):
Add-LocalGroupMember -Group "Administrators" -Member "partner"
With windows, if you prefer
Win + R→lusrmgr.msc→ Users → right-click → New User...- Then
Win + R→SystemPropertiesRemote→ Select Users... → add the user.
How the other person logs in
Like you, with your VPS's IP, but with their own username and password. Windows Server allows two remote desktop sessions at once without extra licences, so you can both be connected.
Removing their access
Remove-LocalUser -Name "partner"
To suspend it for a while: Disable-LocalUser -Name "partner" (and Enable-LocalUser to give it back).
Do not rename the Administrator account. The panel's Request Password Reset button looks for it by that name: rename it and it stops working on exactly the day you need it.
If what you want is for them to start or restart the VPS from the panel, that is separate: share the service.