I agree with @bb224 and @asimbana that for a medical device company of mid-size with 50 people and $10 million in revenue they should be an Inc so they have the ability to go public and spark some interest and attract investors (VCs, etc). The company should be incorporated in Delaware since they have more favorable corporate and tax laws. As @thuytienlecao mentions, the double taxation is the biggest drawback. An LLC would be more for the risk adverse, but for this situation to attract the right investors an INC. should be put in place.