As a midsized company with 10 million in revenue I would say that they company become a Inc instead of a LLC. As a company that wants to grow they need to start giving investors stock options so that they have the ability to expand. With a company that is growing they also need to strongly consider the risk with more employees and locations. As a corporation they can split up the risk among the owners and are able to hire board members of other staff members such as Officers who will then be responsible for their own sectors and their own actions. Also, in addition if the company is successful and looking to grow you do not want a tragedy such as a death of one of the members to cripple destroy the company when they leave if they are a LLC. An Inc will remain stable in the future showing more promise for growth. An Inc will also make it easier to get loans and give them the possibility of expanding and growing even more. If the Corp is a S-Corp then they profit even more from not being double taxed like a C-Corp would. Seeing as the company is not massive yet where they need to expand to other countries, seeking shareholders from other countries is not an immediate priority, and so an S-Corp would better suite this medical device company.