A corporate sheild is fairly straightforward as far as completely seperating you from your business activities. If your business is sued and you are incorporated 99% of the time they cannot touch your personal assests. On the contrary you aslo cannot transfer ownership or sell business assets before judgment is rendered on a case in hopes to avoid forfeiting them in settlement. The only area the corporate sheild is pierced on a frequent basis is in cases of gross tax negligence and evasion. As far as liability involving accidents you are covered. The L.L.C. advantage is that you do not have to have stock and a board of directors but still get the corporate sheild advantage. And I pretty sure the other advantage with L.L.C. is that profits is only taxed once, where as in a Corporation profit is taxed twice, when the business sees a profit and when you in turn recieve that profit from the business.