The "model", even for (especially for) the major studios and production companies, is to create an LLC for each individual production. For example, XYZ Productions, Inc. creates "Film 1 Productions, LLC", Film 2 Productions, LLC", etc. This protects the parent corporation - you don't have to incorporate yourself, however - from the liabilities associated with the production of the the individual projects. So if there was a lawsuit instigated due to an accident on the set of "Film 2 Productions, LLC" the plaintiff cannot sue for funds that belong to XYZ Productions, Inc., "Film 1 Productions, LLC", etc.
For the best legal advice you should consult with an experienced entertainment attorney.