You are the sole owner of the business, and answerable to nobody but yourself. No legal formalities are needed to start trading. Accounts can be prepared in a relatively simple form, which saves on accountants' fees. It is difficult for outsiders to invest money in your business, except by lending you money. Accounts can be prepared in a simple form, although they will necessarily be more complex than for a sole trader.
Tax is paid on the same basis as a sole trader.
Each partner is individually liable for all the debts of the business. If your business becomes insolvent and your other partners have no assets, the creditors can sue you for every penny they are owed. It is difficult for outsiders to invest money in your business in return for a share of the profits. The owners of the business have limited liability. This means that if the business becomes insolvent, you would not normally be liable for the company's debts.