One can argue both for and against the protections offered by the various categories of corporation for which one can register. All three--Limited Liability Corporations (LLCs), C-Corporations, and S Corporations (we'll omit "General Partnerships" from discussion as they do not provide protections)--provide protections of personal assets from liability for corporate losses sustained by the business. The owner of an LLC and stockholders in C- and S-Corporations are all largely indemnified against the efforts of others to attach their personal assets as a means of being compensated for business losses. That is the common attribute of these types of business filings, and from the business ownership perspective, they are wonderful advantages to have. If one is going to draft an essay discussing the pros or cons of such legal protections, then one needs to decide whether the essay will provide the perspective of the business seeking such protections or that of the aggrieved party lacking recourse when a business arrangement goes awry.
Investing in a business that subsequently goes bankrupt is no fun unless the individual or individuals in question share ownership. Investors who are not owners or stockholders and who suffer losses, usually due to no fault of their own, are left with no recourse other than to file to seize physical property of the now-shuttered business. Depending upon the type of business, that may prove somewhat beneficial; usually, it does not. An essay arguing against this particular advantage of corporations, therefore, should emphasize the sense of victimization when investors lose their investments due to the ineptitude and/or malfeasance of others.