LLC Formation: What mistakes should I look out for?

Again, as with the corporate dissolution question, my first comment is to hire a corporate attorney (which I am not).

Second, what will the LLC's activities be (e.g., holding company, operating company, manufacturing, services) and where will it operate (U.S., foreign, both)? Do you envision a transfer of interest in the near future and, if so, to a U.S. versus a non-U.S. person?

Third, do you prefer it to be taxed as a corporation, a disregarded entity, or if there are at least 2 members, a partnership? Are there non-U.S. resident members?

Fourth, since each state's tax system is like dealing with a separate country, the state of formation is also important.

I hope this broad overview is useful. Let me know if you would like to discuss more details.