Shared Office Space

I am starting a business in Bangalore, and think of renting a shared office space or virtual office space.

Was it possible for me to incorporate a society to address shared office? And, the online office space?

What are the disadvantages of a shared office space?

How are utility bills phone / purpose of such an agreement? Is there anything I should look for explicitly included in the lease?

these guys are awesome with virtual. check.

http://www.hq.com/go/virtualoffice