Well, first of all, you'd have to decide who was going to be the general partner, with all the exposure. More significantly, the limited partners can only have a limited role in the operation and management of the business. If they overstep the legal limitations, they become general partners and have full liability. Also, there are special costs and filing requirements for limited partnerships. Next there are corporations.
Corporations are separate entities, legally and financially distinct from their owners.
The shareholders of a corporation are generally not liable for its debts, although there are some exceptions to that general rule. And tax wise, corporations can be treated two different ways. The owners are only taxed on money they receive from the corporation, in the form of salary, rents, royalties, dividends or whatever. The corporation is also taxed on its income. An S corporation or Sub Chapter S corporation is a special kind of small corporation that files an election to be taxed somewhat like a partnership.