Changing from a sole proprietorship to a limited liability company has a several advantages. In an LLC there are reduced legal formalities, only personal income can be taxed not income of the LLC, you are not limited to personal wealth to grow the company allowing for increased ability to generate capital, the limited partner’s interest can be sold without dissolving the partnership.
Disadvantages of changing McGee from a sole proprietorship to an LLC are unlimited liability of becoming deeply involved in business decisions, unless you are willing to assume the obligations of general partner. If the business decisions turn out bad you may be deemed a general partner with heavy involvement, and the disadvantage of transferring ownership or finding a buyer when one partner dies or wishes to sell.