GROWTH AND DEVELOPMENT SERVICES CORPORATION 

What are the Pros and Cons of LLCs Vs. Corporations?

While we are not attorneys, we have done some extensive research in the areas you are interested in and we may have some ideas that will help you accomplish your goals. Since I do not know your personal goals regarding your current form of business or the exact purpose (asset protection, liability protection, estate planning, tax minimization) for your company, it is difficult for us to give you an opinion, but we'll try.

Some of the basics are that :LLC's and Corporations are created by the state they are formed in with the following features. They are born of legal age, can create and enter into contracts, the owners are usually protected personally from assaults on their assets. Both can be used to gather investor capital and both can limit your personal liability.
The differences mainly involve how management has a say in the operation of the business, and in many instances, how the IRS handles the income tax positions.
Corporations have four basic characteristics. Namely, Limited Liability for the stockholders, unlimited life, centralized management, and free transferability of shares. LLC's typically will be taxed as a corporation (company profits taxed, and then owners taxed on any distributions of income), if more than two of the above characteristics exist for that form of business ownership. If less than three characteristics exist in an LLC, the LLC is normally taxed as a partnership, without the unlimited liability of a partnership. An S type IRS classification on a corporation is also taxed as a partnership, but still with limited liability of the owners. We see several advantages to the LLC compared to the S classification of a corporation being that S corporations owners must be actual people that are American citizens. If these rules are not followed for the S corporation, it will be taxed doubly like a C Corporation. The LLC, we believe, on the other hand, can be held by foreigners, trusts, other LLC's, Corporations, or any other legal entity, yet still taxed as a partnership.
Many times, depending on your personal goals, one or more of each of these entities can be used together. Some of the deductions in the form of employee benefits are not allowed with an LLC and you should seek legal or accounting advice on these areas. On the other hand, the LLC, if it follows the less than three characteristics I named above, will be taxed only once as a partnership.
Since we are not lawyers, what we are telling you, is simply an opinion and we have to preface everything we say with "We don't know, but We have heard".