Partnership Firm :
Partnership" is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
Persons who have entered into partnership with one another are called individually, "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm-name".
.The major disadvantage, of course, is that the partners of a partnership firm are fully liable for the debts and obligations of the partnership. If your company is sued, then each partner will have to pay the damages and attorneys fees - and if the damages are steep, you could lose your shirt - and your house.