1065 federal return and receive a K-1 for you and your wife.
If you want to avoid filing the return and issuing K-1's you have to organize a single-member LLC.
If you want to avoid paying FICA you would need to elect S-corporation and pay yourself a reasonable wage first. This doesn't sound like a good idea based on your situation and the amount of income you are talking about. The IRS would likely either discredit your S-corporation status or make you pay FICA if you were audited.
Just as a side note. If you really want to protect your assets you should buy business liability insurance of at least 1 million. The LLC protection barrier is pretty thin and I have seen it be challenged and beat several times in recent years. Not to mention that every bank, major contractor or other related parties always make the owners of LLC's sign personal guarantees now.