What’s the advantage of a partnership?

M: Barbara, what have you been doing?
W: I went into business with my friend, Jean.
M: How’s it going?
W: Pretty well. We get along quite well and the shop is beginning to attract more customers.
M: Good. Are you two a partnership?
W: Yes. I’m very pleased about it.
M: I guess it’s not too risky for a business.
W: We haven’t had any problems, although I suppose all business can be risky. (1) Being partners, we’re both liable.
M: Did you both put the same amount of money into the business? Or do you mind my asking?
W: To tell you the truth, (2)we didn’t invest the same amount of capital. But we’ve combined our resources very well I think.
M: It sounds like it. This is one advantage of a general partnership. One partner can invest less capital than the other, in fact, no money at all, but a partner can contribute important services or skills, sometimes just a name or reputation.
W: Exactly.
M: What kind of arrangement do you have for distribution of profits and losses?
W: (3)They are equally shared. We hope to be in business for a long time.
M: Good for you.