@Accountant-Man 

These investors are so brilliant they don't need lawyers.  It's strictly DIY with forms they download if not included already in the seminar materials.  Lawyers might have suggested a better alternative, like an S corporation, or to check with a good insurance agent if they're worried about limiting their liability.  

For years I have been asking people if they have ever heard of an LLC being sued without the individual owner/manager also being named as a defendant. No examples yet.  Meanwhile, most of the DIY crowd has no idea what an umbrella policy will do for them.