As with a corporation, all owners of an LLC enjoy limited personal liability. That means that being a member of an LLC doesn’t normally expose you to legal liability for business debts and court judgments against the business. Generally, if you become an LLC member, you risk only your share of capital paid into the business. You will, however, be responsible for any business debts that you personally guarantee (of course, you can reduce your risk to zero by not doing this) and for any wrongs (torts) that you personally commit (a good insurance policy should help here).
Excerpt from Legal Guide for Starting and Running a Small Business, Steingold, Fred. 10th Edition. 2008, Nolo Publishing.