Does an LLC really help?
First a quote:
If you have a corporation for `insurance purposes', i.e. so that you can't be sued, forget it. The courts find it very easy to go after the major shareholder of a corporation where that shareholder is the only or chief employee and where the problem arose because of the actions of that employee/shareholder.
I found this in a tax adviser's blog. This is not a unique opinion. Every often I see people talking of LLC not being a real protection.
Now my question: Have any of you seasoned investors been in a situation when you needed such a protection and having an LLC (or another incorporation form) insulation really helped? If yes, could you share the story?