I have a hard drive which has one HFS partition of 1TB that is being used as a MacBook backup.
Can I backup another MacBook to the same partition without overwriting or convoluting data?
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Yes, the Time Machine system handles this automatically.
There's one major drawback in that you cannot decide on a storage quota for each backup. This means that if you have 1 TB of backup storage, you cannot decide that 500 GB is reserved for computer A and 500 GB for computer B.
So if the backup of one computer is too large, that could make it impossible to take a full backup of the other computer.
You can limit the size of a Time Machine backup though by executing on each Mac:
sudo defaults write /Library/Preferences/com.apple.TimeMachine MaxSize -integer size
with size in MB. Example:
sudo defaults write /Library/Preferences/com.apple.TimeMachine MaxSize -integer 500000
I would highly recommend creating a separate partition for each computer that is being backed up via Time Machine, and if required (optionally) create another separate partition for general storage.
As an example... for a 4TB drive:
Partition 1 - Time Machine Backups (Computer 1) - 500GB
Partition 2 - Time Machine Backups (Computer 2) - 500GB
Partition 3 - General Storage - 2TB (optional)
The potential issue I see with jksoegaard's recommendation is that if you ever perform a major MacOS version update, or system restore, on either or both computers - and then forget to immediately reapply the sudo command to set the MaxSize - the MacOS update may inadvertently set MaxSize back to using the full disk space (system default) and will stop applying the storage quotas... before you have a chance to realise.
Using partitions, however, you can more effectively apply a storage quota for each computer backup irrespective of MacOS updates in the future.
I found this link very helpful: http://www.baligu.com/pondini/TM/4.html