Convertible notes can be a quick efficient way to get first investor dollars in. In most cases if the company doesn't make it to the next round or milestone, the company simply dissolves and everyone moves on to next. But be careful... If the noteholders continue to like parts of the IP, vision, or everything but you... in default they effectively own the company with no obligations to you and absent making the note whole have a pretty straight line there.

The short easy answer is to create an LLC. However, headed down a path with outside investors will probably mean you will be switching to a C-Corp. Save the time (and legal fees), and go straight to C. It won't restrict who you can hire, what your business model looks like or flexibility for it to change. Be sure all your agreements related to ownership/licensing of the IP is in order. Many Universities will have angel groups they work with to facilitate a smooth transaction. Good. Luck!