If it's a Hobie Fleet, you don't need to incorporate. Doing so would prevent you from participating in the Class' insurance program.

Go here to find out more.

The only "real" reason to incorporate is to protect the shareholders from liability - which probably wouldn't work since individuals would be named in any lawsuit in addition to the corporation.

Our Hobie Fleet in Detroit (276) is about the same size as yours. We're not incorporated and we take full advantage of the Class' insurance programs which cost us nothing.