What are the advantages of owning an LLC?

[Jesse Pierce]

Easy question to the experts, but for the new investors what are the advantages? I understand that it's a good way to delegate liability from the individual to the organization. However, does that make a large impact on someone who only has one investment property? Also, is an LLC always the way to go? For example, in California you have to pay an $800 Annual Franchise Tax. Would an LP be better for owning rental properties? Do you think that an LLC or LP should be started when an investor has a large amount of assets? Interested in what you think. Thank you