This answer would be all about perspective and hence, opinions of people may vary. So let us answer this question from the perspective of a business with unlimited liability. Firstly, there are lesser number of formalities that companies with unlimited liability have to deal with.
Apart from that, there can be some advantages related to tax. However, this advantage would totally depend on the amount of advantage that a business makes. It is easy to raise financing via companies with limited liability. Moreover, they also happen to carry a lesser amount of personal risks.