Professional Corporations vs LLC

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Submitted by Raybyrnes on April 25, 2008 - 7:16pm

Wife is now a licensed Dentist and wnated to get some thoughts on setting up a Professional corporation vs LLC.

My understanding of the benefits are as follows
-No withholding tax by the employer
-better shelter as you can set up a SEP or Simple allowing for contribution of up to 25% vs 15500 in 401K
-Far greater lattiude for expensing and less likelihood for auditing vs deduction on personal return.
Negatives seem like there would be added administrative costs for keeping minuts and profesional fees CPA/Attorney/Bookkeeping.

Has anyone else put together their check list of pros and cons.