You don't need to partition a Time Machine disk. You can place anything you want on it, but that space that you use, can't be used by Time Machine.
Time Machine won't delete the content you place on the drive, but you don't want to modify anything in the Time Machine directory (backups,backupdb) or place anything in there....
If you partition it, sooner or later your want more space, especially if you don't really use the space on the partitioned drive that you "reserved" for yourself.
If want, you can take a look at some more Time Machine information here...