To set up an LLC or not

[Darren McGillvrey]

Hello,

My wife, her dad, and I have done a few flips and have a couple rentals and as we look to grow it bigger the discussion of setting this all up under a business name with a LLC. My father-in-law and I debated over it a little and he just doesn't see the value in doing so. I mentioned the liability standpoint but he said that "They could always come after us in a civil suit!" and I didn't have a good reply to that.

Can someone please give me the Pro's an Con's for setting up an LLC?

Thanks!