Although there is a lot of information on the internet I should advice to get juridical advice. You'll need a lawyer anyway for the formalities, whichever or the two you choose, and a good one surely will be able to explain the pro's and con's and how they apply to your particular situation. If he can't, he surely isn't the right one to make up the contract for you.
Your accountant or financial adviser should be able to help also. Or are you planning to do your own bookkeeping? Same criterium: if he can't explain why a certain choice is best for you, he's not the right one.
Two links I liked from http://www.google.com/search?hl=en&q=LLC+partnership:
The top links from http://www.google.com/search?q=start+your+own+business are indispensible. Like:
Hope this helps.
What questions should I be taking into consideration while trying to decide between an LLC or partnership for my new small computer sales/repair business(co-ownership between two individuals)?