What are some advantages and disadvantages of selecting to be a Limited Liability Company (LLC) compared to other entities?

Some advantages are that it avoids certain S corporation restrictions. It also avoids double taxation of profits. Some disadvantages are that it is currently considered a relatively new business entity with little case law or regulatory law currently available. There is inconsistent treatment from state to state. The entity must have at least 2 owners. Speak to your local CPA about determining the best entity choice to fit your needs.