I already own a business corporation which I setup and have
been running for over 5 years with the help of an
accountant. Setting up and running an incorporated business is
not what this question is about. So, read on carefully :-)

I am interested in setting up a "Tracking Entity" for the
purpose of tracking certain assets and to keep those assets
completely separate and segregated from my "other" assets,
as well as cleanly separating tracked-asset income from all
other types of income.

Desired benefits of the ideal "Tracking Entity":

- Ability to write checks that clearly bear the entity's
name instead of my own name.

- Ability to deposit checks which clearly name the entity as
the payee.

- Entity's income will be clearly segregated from mine in
all tax returns and forms. Example: 1099s related to the
entity's income will bear the entity's name and not
mine. The Form-1040 will clearly separate what's mine and
what's the entity's income.

- Ability to retain income inside the tracking entity for
reinvestment purposes. i.e. the income does not have to
kick off and become "mine" and then be contributed back
into the entity for reinvestment.

- Ability to hold a wide variety of investments including
stocks, real-estate, business property, loan notes, etc.

- Low maintenance... As little yearly paperwork as possible.

- Tax neutral. The entity should incur the same tax liabilities
and benefits I would if I owned the property without the tracking
entity.

So, the question:

Please educate me (no advice please, especially not the
legal or financial type!) on the pros and cons of various
legal entities that may fit the bill.

Some suggestions:
- S Corporation
- LLC
- Living Trust
- Qualified Subchapter S Trust
- Other ideas?

I know a regular ("C") Corporation is a bad idea because of
special Personal Holding Company (PHC) taxes and also the
capital gains bite when you want to divest appreciated property.

I understand a "regular" Living Trust does not have all the
benefits, as most tax forms and income would be filed and
reported under my individual Social Security Number.

Please note that for the purposes of this question, I don't
care about asset protection or tax loopholes, which are often
associated with these types of entities. If that's not clear
from the question then please feel free to ask for clarification.

The state is Illinois.

Thanks.