Two heads are better than one. It's easy to get started. More investment capital is available. Partners pay only personal income tax. High-caliber employees can be made partners.
Partners have unlimited liability.
Partners must share all profits. The partners may disagree. The life of the business is limited. Corporation A corporation differs from the other legal forms of business in that the law regards it as an artificial being possessing the same rights and responsibilities as a person. This means that, unlike sole proprietorships or partnerships, it has an existence separate from its owners.