So this takes some thought.
1. When you say form are you talking about a SharePoint form? Or are you talking about building a Small Canvas App?
2. Also, it's possible to do this with the Following
SharePoint List
Microsoft Form / SharePoint Form or Canvas App
3. Users create a Record
NOTE :(The Microsoft Form example is slightly different, in that you'd have to grab the data with power Automate, first and then save it to SharePoint, versus the SharePoint form and or Canvas App that writes directly to the table, instead of Power Automate).
All have the pros and cons.
The Form/Screen would only show the Writeable Fields and any read-Only fields you want the user to see for information purposes
Once the record is written to the SharePoint list, it can trigger a Power Automate flow, that could generate a link to another SharePoint Form, that is only setup to show the next set of writeable data and read-only parts, or the same Canvas App and email that to the second user (as well as CC you if you wanted to monitoring).
* If its the same canvas app, you would have 2 screens. 1 for user 1 and 1 for user 2.
* You would simply pass in a couple of parameters to the Canvas App, so that when it triggers it would essentially go "oh this is a new record and show person 1 screen", or it would say "oh its item X and user 2 show that screen" and any variations of "re-update for user 1 or user 2 versus a new record etc" but you get the drift it would look like this.
In the App.Onstart it would read the user and itemid and then find the correct record in SharePoint list and also show the proper screen
4. So when the second person clicks the link, it opens the proper record and they can fill out only what you want and done.
You could even have a secondary flow(or even the primary) that triggers when an item is created OR modified, so that you could capture tracking information to say both people are done with item321 now let people know (email whatever), set a Completed DateTime etc.
And yes you can make it one record.
You didn't mention anything about the 2nd person approving person one, but the original power automate could generate an approval for the second person, who could approve first, then be sent a link to update the rest of the record. It would just be a few extra actions in your power automate flow.
