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EIN Designation: Partnership or Sole Proprietor?

APEMANAPEMAN subscriber Posts: 2
edited March 2009 in Business Planning
My wife and I recently formed an LLC for a consulting business.  While applying for an EIN from the IRS, we are asked "if we would like to be considered a Sole Proprietorship or a partnership from a federal tax standpoint?"
What`s better and what are the Pros/Cons of each?  If we go the sole proprietor route, will it have any implications on our ability to pursue minority/women owned set asides in non-governement entities? 
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