I would agree that forming an LLC just for liability protection is probably not critical at this stage. The most significant advantage is a deduction for equipment depreciation on my personal income taxes. In my particular situation I believe that it is worth the effort. I already have an accountant who takes care of my main business and my personal taxes. He feels that he can do the photography LLC with minimal additional effort.

At some point I may need insurance as well but not yet. I think it would be definitely be needed if I brought clients to my home or a studio. Also if I were to get into offering classes or workshops but that isn't in the immediate future. I suspect insurance costs is one reason why workshops are so expensive.