If the business gets into financial trouble, their house, car, toys and everything they own can be taken to pay the business bills. If the owner dies, the fair market valve will be included in their estate. If you intend to work only for yourself, with just one or two maybe even part-time employees, consider a sole proprietorship. The disadvantage again is no legal protection. Each partner is responsible for all the partnership bills.
Individuals own stock in the company.
It means that it is easy to split up or transfer ownership. If someone dies, the stock goes to their estate. Other individual investors or institutions can buy and sell the corporations' stock. The primary advantage is that the shareholders have limited liability. If the business fails, goes bankrupt or is sued, the liability stops at the corporate level and the shareholders personal assets are generally not in danger.