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Seek some advice from a good CPA... Stat. Preferably one that deals a lot with small businesses.
They can explain the benefits of either option based on your short term and then long term goals... For example: Is it something you are going to stay with for quite a while? Are you going to try to sell in a few years? Do you just want to be a share holder, but not technically operate the company (IE, sit on the beach and collect a check)?
Remember, it's not about how much you make... it's about how much you DON'T give to the government. Good tax planning is key to the success of any small business and your tax planning options start with the type of business filing you'll be doing.
Good luck.
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