Our club is in the process of doing the same thing, 501(c)(3) seems the way to go. Major advantages I can see are if you are not incorporated, the officers and/or members may be open for income tax and other types of liability. It costs to have it done, though, and we are in the process of trying to find a friendly CPA or attorney.
Anyone can sue anyone for anything, but you are protected as an individual usually unless some sort of intent or negligence can be proved against you personally. Hiding behind a corporation isn't bullefproof, but it sure can help.
Does anybody else have any info? I was hoping to find some info that I can take to the next meeting. I remember seeing a website a while ago on this subject and how to get things started but I can't find it.