I grew up as a corporate CPA and the more time I spent looking that the "new" laws the less I knew.

But there is something called "piercing the corporate veil".
http://www.rjmintz.com/piercing-the-corporate-veil.html and others URL's.

In summary, if you are looking only to save your ass in case of wrong doing this is NOT a great idea. They will prove that one shareholder that is the only investor, exectutive and employee is not a corporation but a shield.

Courts will look through the "protection" and stip the corporation (veil) and you will loose anything that you were trying to protect.

If it's a true corporation you will have multiple investors, board of directors, and all the items you need for a corporation. Miss one item and the courts will rull you as an individual acting a a sole business owner.

So...
Accountant and Attorney is your friend.

The more you try to protect yourself the more $$ it will cost.

Look at the worst case and go from there.

Gosh..I hate this type of dread.
But I'm sure there will be other thoughts on this topic.
Just ask youself..."what if I'm wrong?"

Steven