I'm neither a lawyer nor an accountant. You should definitely ask one. Check out www.TheVIPLawFirm.com which supports clients across the country relating to venture and business law.

The short answer to your question is likely "it depends." It depends on the goals, whether you already have a lot of assets or investors and how you plan to conduct business. In many instances an LLC with an S election may be simpler than an S Corp which has formalities like annual meetings and are likely more cumbersome to a solo entrepreneur or a small number of people operating a small business.

Laws on business entities also vary from state-to-state. Understanding the most favorable scenario for you will vary based on where you form your entity.