Non-tax consequences of choosing the partnership form

Choosing a partnership as a tax entity has consequences, and those consequences often are different than those that arise from choosing the corporate form. Many of these consequences can be quite dramatic, particularly if the business goes sour or if catastrophic, unforeseen circumstances arise, and many of them don’t have a thing to do with taxes. What are some of the more significant non-tax consequences of choosing the partnership form? Which ones do you think are the most important, and why?