The short easy answer is to create an LLC. However, headed down a path with outside investors will probably mean you will be switching to a C-Corp. Save the time (and legal fees), and go straight to C. It won't restrict who you can hire, what your business model looks like or flexibility for it to change. Be sure all your agreements related to ownership/licensing of the IP is in order. Many Universities will have angel groups they work with to facilitate a smooth transaction. Good. Luck!