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Very small is 3 people. It's a small company.
My experience working in a dev company exactly that size -
Pros
Less dead wood (people not carrying their own weight).
Everyone knows everyone well, it's a tight team
Think it, do it - quick to develop and respond
Less pressure
Feels a bit like a family
More chilled than corporate esp. working from home
More support of networking and linking up with industry peers
Higher degree of trust and support
Way more latitude to do what you want to do
Easy to influence senior leadership
Can offer things like equity etc
If you're a high performer you will be noticed
Way less red tape
A lot more trust
Company can prosper if everyone works hard
Cons
Company favourites
Can be quite political, although far less so than some large organisations I've worked for
Less cover if you're on leave or similar
Harder to get some things done if money is needed (lower budgets and thinner reserves)
Lower remuneration, fewer levers to pull to get a salary increase
More drama with paychecks etc
Fewer higher skilled people to learn from
Culture can go sideways quickly
Nowhere near the same level of support and benefits provided by the big companies
Tend not to attract the best and brightest talent
Comoany more impacted by economic conditions
It also greatly depends on you and your preferred style. Some people just outright don't like working for big businesses and prefer smaller gigs.