This is the natural default of a LLC, this is how the IRS commonly recognizes a LLC. This is a flow through to the members in an LLC and commonly considered the best vehicle for holding property.
Partnerships, 1065 Form (IRS Link)can own Property (land, cars, boats, planes, ect.) and these can be depreciated. Maintenance can be taken as a deduction. These deductions can be a flow through to you and your other members.
If you sell a Property (land, cars, boats, planes, ect.) and make money on that property, (Capital Gains) there is a 15% cap on the taxes you pay and can be as low as 5%, depending on the amount of Capital Gains.
Disregarded Entity obtained by filing an 8832
This is simply a flow through to another individual or entity. No tax return is required.
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Last piece in the Incorporating Puzzle