A friend, Joan Mellencamp, has mentioned that she is thinking about forming a partnership with a small group of colleagues. She is interested in learning about the advantages and disadvantages of the partnership form of ownership. In addition, she has asked for your advice on the kinds of issues that should be agreed upon in advance of the formation of the partnership. Write a memo to your friend explaining the advantages and disadvantages of a partnership and offer your advice on the issues that should be settled in advance.