What is the difference between an LLC and an S-Corporation? Any advantage of one over the other?

Question

I know the income and losses pass through to the individual so they are about equal in this regard.

Answer 1

With the S corporation, you pay taxes as a partnership. With an LLC, you get to choose whether you want to pay taxes as a partnership or as a corporation, and the IRS is allowed to overrule your decision. Additionally, an LLC must have an expiration date; an S corporation is supposed to exist indefinitely long.