A medical device company that has 50 people and $10 million in revenue, there has to be a comparison between an Inc corporation and an LLC corporation in order to maximize all the benefits. An advantages of an LLC is that they are only taxed once and there is no personal liability. This would protect the company from any lawsuits. There is also flexibility in management. However, the disadvantages are that they can issue a stock or engage in corporate income splitting to lower tax liability.

The advantages of an Inc are that they can expand by issuing their stock to attract investors and split income in order to lower taxes. You can also obtain better loans. The disadvantages are that they must hold annual meetings and record their minutes, have restrictions on the number of owners (S corp) or require double taxation of the corporate’s profits (C corp).