Originally Posted by
NoyGonnaDoIt
For example, lots of people think that setting up one of these will limit their personal liability in case of an accident that is their fault. It will not, at least not in any state in the US I'm aware of.
???
An LLC (and a corporation) will generally do that, in that it can limit the liability to the LLC assets (airplane, office furniture, etc) and protect your personal assets (homes, cars, savings, etc). That is why LLC's exist...
The level of protection and the details vary dramatically by state, and an LLC is not bulletproof...it has to be setup and operated properly to work. You will definitely need legal advice to set one up. If you do-it-yourself, you will probably screw something up, which a plaintiff's attorney could use to invalidate the LLC.