Not Necessarily
Quarterbore,
I would believe that if your expensive M16 was owned by an LLC that was different from the LLC that owned/operated the machinegun range that since it wasn't one of the assets owned by the range the heirs of "Joe Yokel" could not get at it. If you layer the structure with separate entities it will be difficult for anyone to attach assets in a suit that don't belong to that particular entity. In addition the range's first line of defense in this situation would be adequate liability insurance, which is also going to be one of its biggest costs.
Orion
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