The regular corporation (or C Corporation as it is sometimes called) has been around for a long, long time. And of recent, hasn’t been the entity of choice for most businesses.
A corporation is the most costly of the entity choices to set up, and this includes both regular corporations and S-corporations. Legal services are required and there is considerable red tape to administer them. Corporation meetings along with minutes documenting all actions are required. The IRS requires a form 1120 to be filed, and hence one of the biggest strikes against — double taxation. The profits of the corporation are taxed at the corporate level and then the dividends that stockholders receive from the corporation are taxed at the individual level. Definitely a downside!
The corporation does provide limited liability. And there is ease of transfer via “stock”. The life of a corporation is not limited by the stockholders. Another upside is the ability to deduct fringe benefits of the owners. Aside from non-discrimination rules (you can’t have benefits for the owners and not for other employees), a corporation can deduct health insurance, some life insurance, pension plans, etc. Is it worth the extra costs and red tape? Most people think not. Just FYI, I’m an old fashioned corporation.