There are many advantages and disadvantages to being in a partnership as opposed to some other form of business ownership. Please click on the link below to read a detailed account of all of them.
The most important advantage of being in a business partnership is that it is simple and flexible while still offering some ability to collaborate. A sole proprietor has no one to help them run the firm. A large company has a complex and inflexible system. A partnership is a nice medium between these two extremes.
The most important disadvantage of a partnership is the unlimited liability. Partners in a firm are liable for all debts incurred by the firm. What’s more, their personal wealth (and not just the company’s assets) can be seized to pay off debts. Therefore, this is a somewhat risky form of ownership if any serious debt is contemplated.