hence could I claim to be her dependent? She has her own income.
Yes you can give your business to your wife and still run it. However, if you provide services, then some portion of the profit is fairly taxable to you for your services. I don't think your wife will be able to claim you as a dependent: read IRS Publication 501 for the rule on that exemption - http://www.irs.gov/publications/p501/ar02.html. As a couple you will end up paying the same tax since your wife will be paying it.
I agree with my colleague above. You can give you wife your business, but that will not make you her dependent for tax purposes. Most individuals transfer ownership and/or control to their wives in order to have a woman owned/operated business, and by so doing creates some business advantage for them based upon their particular industry.
I would form an LLC and obtain the advantage of taxable deductions as well as some measure of asset protection.
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