Unlimited liability of at least one partner. Insurance considerations such as those mentioned in the proprietorship section apply here also.
Unstable life. Elimination of any partner constitutes automatic dissolution of partnership. However, operation of the business can continue based on the right of survivorship and possible creation of a new partnership. Partnership insurance might be considered.
Relative difficulty in obtaining large sums of capital. This is particularly true of long term financing when compared to a corportion. However, by using individual partners' assets, opportunities are probably greater than in a proprietorship.
Firm bound by the acts of just one partner as agent.
Difficulty of disposing of partnership interest. The buying out of a partner may be difficult unless specifically arranged for in the written agreement.