In which state do you and your wife reside?
If you organize an LLC with you and your wife as members (partners), you will have to file a Form 1065 for the LLC unless you reside in a community property state and hold your interests as community property. If you file a 1065 for the LLC, you will each receive a K-1 which you can enter on a joint personal return.
See https://www.irs.gov/instructions/i1065#en_US_2021_publink11392vd0e555
If you reside in a community property state, you and your wife can make an election to treat the LLC as disregarded and you can then each file a Schedule C (on a joint return).
See https://www.irs.gov/pub/irs-drop/rp-02-69.pdf
