I'm consulted quite frequently on the efficacy of using an LLC to protect oneself from personal liability.  I find that most people, including prospective clients and their advisors, believe the LLC to be the magic carpet that will carry them far, far away from personal liability should potential litigation start to appear on the horizon.  Well, magic is rarely a defense, and throwing your liability-prone asset into the arms of the LLC may not get you very far. This myth is promulgated by a loose understanding of the liability protection offered by the LLC.  The LLC is certainly a behemoth of an entity [...]