If the LLC has not filed Form 2553 to make an election to be taxed as a S-corporation, you don't really have a choice. The Multi-Member LLC is taxed as a Partnership.
As to whether or not it may be advantageous to make that election to be taxed as a S-corporation, that is something you should sit down with an tax professional (experienced with both Partnerships and S-corporations) so they can analyze the ENTIRE situation.
