LLC versus S Corp?

[Heather Johnston]

Hey everyone,

I'm a newbie living in upstate New York; I visited an accountant today to talk tax strategy. When I mentioned forming an LLC for asset segregation and protection, he said that an S Corp would be the way to go. We had a lot to discuss in limited time, so I didn't press it, but I'm really curious. Has anyone done a pro/con list for forming an S Corp versus an LLC for a real estate buy-and-hold long-term tenant rental business? Any insights as to whether an investor might choose one over the other would be most appreciated!

Thank you!

- Heather