You might want to buy a book on LLCs. I read a couple books about LLCs before forming one. It's important to get a handle on the details before you move forward, so you know what you're getting into. It's too much to explain in a forum post.
The laws are different for each state, so you should get at least one book on LLCs for your particular state. Nolo Press has some good ones. You can probably find their books in a local bookstore. The books are pretty dry, but it's good to have at least one for handy reference.
Having a good accountant helps. My accountant helped me set up my Quickbooks accounts properly. I send him the files to do the tax returns as needed.