You need to consult with local legal counsel with respect to liability issues.
Single-member LLCs offer some protection in most states, less in others, and virtually none in at least one state, Florida. Regardless, the best defense is typically adequate liability insurance coverage (premises) along with a personal umbrella policy.
There should be no change with respect to tax reporting if your LLC is a single-member LLC (which would be disregarded for federal income tax purposes).