The primary advantage of having S-corporation - is that the owner or owners will receive taxable income in two ways - as reasonable wages and the rest as dividends - the dividend part will not be subject of employment taxes and if the gross business income is above certain level - you will have tax saving overpasses additional overhead expenses.
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Single member LLC for tax purposes is disregarded entity and all income and business expenses are reported on owner's individual tax return - schedule C.
LLC with several members generally is treated as a partnership and is required to file a partnership tax return. The partnership doesn't pay any taxes but pass all tax liability to partners who in turn report such income on individual tax returns.
From legal point of view - the LLC is a separate business entity - it may own properties, may have bank account, and is responsible for some taxes (employment tax, sales tax, etc - but not income tax)
S-corporation is not a legal entity - you will still have LLC as a legal business organization - that will be treated as S-corporation for tax purposes.
Please see HERE a brief description of each business structure.including advantages and disadvantages.
Tax Preparer
Personal Investment, Tax Preparation