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> * If my business fails, I don't want to incur huge debt or losses, I want the security of a steady paycheck.

I am possibly wrong, but I believe starting a company as an LLC is meant to protect against this possibility.

If you’re the sole owner, and the only person who benefits from the business, you still can incur legal issues directly to yourself, I believe.

In the US, that’s not correct.

LLC’s protect you personally from most business debts and liabilities as long as there is no personal guarantee.

I think you’re thinking of sole proprietorships.

That’s good to know, thanks.