I am working on a project with a friend.  Is the best way to simply copy the whole per project folder and use dropbox or some similar file sharing program?

When I'm collaborating with Ed Kocol (Bapu), he provides me with a 'tracking shell', a CWP file with markers for the various song sections, and a WAV file with a mix of what he's done so far. I then use that to track my parts and send him MP3 rough mixes for approval, then WAVs of my parts once approved. We use a shared folder in Dropbox.

Great idea!
 

My collaborators in TN and FL and I use the same setup. Works great!

Thanks.  I'll give it a try.

We do the same thing for our Scandalous Grace collaborations. We create a Master song template that we call a project tracker. We add the chords, verse sections, chorus sections, to the timeline marker. The writer of the song usually creates it and uploads the entire project tracker to dropbox. From there we downloaded as a project file and we each start adding tracks. When tracks are completed, we upload them as wave files. to the song folder in dropbox. Usually each band member has a subfile for their completed tracks.

Recently we have switched to Google Drive, because it gives us more file space. We basically do the exact same thing just in a different network.