I have 19 partners. May none of you ever be so cursed. :smile1:
The previous posts have done a good job hitting most of the pros and cons, particularly the mention of the tax disadvantages.
I would only suggest that a comprehensive written partnership agreement is a must if you decide to go that route, and a good one can be fairly complex. This is your livelihood you're talking about and you really need take into consideration numerous factors . . . things such as distribution of profits, (now and in the future as things change), operating capitol to be maintained, provision for new partners or an existing one leaving, etc. I think our agreement is something like 20 pages long.
It would seem that a two person operation would require far less complexity, but in some ways this presents additional challenges. If your sole partner becomes lazy, disenchanted, has a crazy spouse, or simply goes off the deep end (over the years I've had at least one of each), you don't have ten other people to pick up slack or vote him down. Think of it as needing a culinary pre-nup.