Partners can take different shares of the profits or losses. Some can contribute money to run the business while others do not - it depends on the agreement. As with a sole proprietorship, each partner is liable for all the obligations of the business. You should never enter into a partnership without a legal agreement, which is usually called a partnership agreement. It will put in writing the terms and conditions related to the partnership, including who can sign cheques, who can buy assets and who can commit to liabilities.
Banks usually require all partners to be responsible for any loans.
So if a partner has no assets, you will end up paying for any deficiency. There are the same risks of being sued personally as with a sole proprietorship. A corporation is a separate legal entity. You need to fill out the appropriate documents and pay fees to your province to obtain a provincial corporation - or to the federal government to get a federal one. As a separate legal entity, a corporation must file corporate tax returns based on the income generated by the business.