Go with the SP and have good insurance unless you have a lot of assets of public record.
By the nature of my investments I have no choice other than to play that expensive game.
The $400 - $500 formation costs are just the beginning.
For each of my Delaware "entities" there is an annual $250 "franchise tax" + $50 to my DE registered agent. My CPA charges me $275 - $350 for each annual "corporate" return before they begin charging me personally for "bringing them all together". jcheese
is right: a good "umbrella" policy is much cheaper. And you life will be much simpler.