Advantages to an LLC? and other business-y questions

[Not Afraid]

My primary reasons for forming an LLC were:
a) I own property and other assets didn't want to put my personal property at risk if we were to get into legal action of any sort
b) I have business partners and wanted protection there too.

As the name implies, an LLC provides limited liability to its owners (technically called 'members'), meaning that any liability created by the company is limited to the company. The members' personal assets are protected from all claims against the company.

There are also tax ramifications which I'm still sorting out. Try talking to your tax guy in March or April and let me know if you can get through. I'm still a Sole Prop for my jewelry company. My CPA is going to earn his dollar for 2012.