LLC w/ S Corp Election vs. C Corp w/ S Corp Election

[Justin Silverio]

There have been a couple of posts about this in the past but no definitive answers came out of them. My question is why would someone set up an LLC and elect to be taxed as an S Corp instead of just taking the S Corp election via a C corp?

I have outlined what I believe to be the differences of each below. I live in Mass so this may be different in your state. From what I can tell, both are treated exactly the same for tax purposes (S Corp) but there are a few minor differences on the legal side.

1. It's easier to set up an LLC than an S Corp

2. Less formalities with an LLC (don't need to hold annual BoD meetings, etc.) - Not a big deal at all - although if you don't follow these formalities, someone could pierce the corporate veil

3. Costs for an LLC w/ S Election - you need to pay the annual fee for both an LLC and a C Corp (approx. $775 in Mass)
Costs for a C Corp w/ S Election - only need to pay the C Corp annual fee (approx. $125 in Mass).

Are there any other legal differences? If not, it seems like there is no benefit to going to LLC route?