Tax Structure for Husband and Wife LLC

I'm confused about the best taxing structure for a husband/wife LLC. My wife and I want to start an LLC. since we will both be working in the business and want to be covered under limited liability protection. The downside of this is that we will be taking a double hit on self-employment taxes if our income rises above the self-employment tax minimum.

Ideally, we would like to be taxed as an S-Corp, but are concerned that we will not make a enough money to cover not only one but two "reasonable" salaries. Since we are a startup and not making any money, we are leary about locking ourselves into this arrangement. We will be hiring employees and paying their salaries based on the income they generate.