[AQTCJAK]

Frankie is correct. I would opt for a S Corp for the bennies you want

S corporation provides many of the benefits of partnership taxation and at the same time gives the owners limited liability protection from creditors. The S corporation rules are contained in Subchapter S of the Internal Revenue Code (1361-1379). S status combines the legal environment of C corporations with taxation similar to taxation of partnerships.

S corporations are treated as corporations under state law. They are recognized as separate legal entities and generally provide shareholders with the same liability protection afforded by C corporations. For Federal income tax purposes, however, taxation of S corporations resembles that of partnerships. As with partnerships, the income, deductions, and tax credits of an S corporation flow through to shareholders annually, regardless of whether distributions are made. Thus, income is taxed at the shareholder level and not at the corporate level. Payments to S shareholders by the corporation are distributed tax-free to the extent that the distributed earnings were previously taxed. Also, certain corporate penalty taxes (e.g., accumulated earnings tax, personal holding company tax) and the alternative minimum tax do not apply to an S corporation.

Unlike C corporation, an S corporation is not eligible for a dividends received deduction.

Unlike C corporation, an S corporation is not subject to the 10 percent of taxable income limitation applicable to charitable contributions.