TOPIC: Setting up LLC - tax questions

Hello,

I'm starting my own inspection business. I will be a single owner and planning to set up a LLC. I've been told that as an LLC, I can be classified as either a sole proprietorship or S Corporation for tax purposes. Can anyone provide some experiences with either, advantages and disadvantages? I expect in my first year that I will have minimal salary and profits. I believe that I understand the tax consequences regarding social security and Medicare taxes for both designations.

Any comments or suggestions would be appreciated.