If you elect S-Corp status, it can be more of a hassle (and more cost) than it's worth. First, in order to be treated like an S-Corp, the business must act like an S-Corp. That means the business has to follow all the rules and laws of the federal government and your state that an S-Corp is required to follow. You're required to take minimum draws every year. You "could" be required to make quarterly filings with your state every year too.
The penalties for non-cimpliance as an S-Corp are also considerably higher. For example, an S-Corp tax return is due to the IRS my March 15th of each tax year. The late filing penaly is up to $210 per month, per owner/shareholder.
For a simple consulting business that has no employees and carries no inventory, you'd just be creating a lot of additional paperwork with nothing extra to show for it. But I am no tax expert by any stretch. So you might want to consult with a business tax professional in whatever state your LLC is presently registered in, or will be registered in.
