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Advantages: you need this type organization where people come together to create something like an automobile, and not fear the loss of personal assets in case the enterprise fails. Corporation allows to take on risks, which would not be taken by anyone personally.
Disadvantage stems from that same idea of risk. Risks that corporation takes do not go away, they are more or less shared by other parties: customers, creditors, and others who deal with a corporation. There is also a legal notion that corporation is a person. And can be sued. So directors of a corporation often make collective decisions that may negatively affect the rest of society, in order to make profit for shareholders. Collectivism is a problem in corporations just as it is in Socialism. Individually directors and other officers would not make decisions they otherwise make in a corporation. So you could say incentives are different.
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