I've incorporated my business but not a race team. We did it mainly for tax reasons over liability reasons. Are you wanting to incorporate a race team for liability reasons only? Would you want it to be a sub S corp or LLC?
"I started out with nothing and still have most of it left"
Yes I'm incorporated as a LLC.Their are many positive reasons to incorporate but everyone situation is different so I highly suggest no matter how painful it is you should get some professional advice whether it would be good for you.In my situation it allows me to keep my main business and the racing completely seperate.In some cases it may open up some tax advantages that aren't available to individual but are for corporations and also provide you some personal liabilty protection in certain situations.Good Luck
Not sure how much liabilty protection you get by being incorporated,you should ask a professional that question.As for insurance I was able to obtain a policy from my insurance agent thru I believe North America Racing.In Mexico I will need another carrier which we have two in the works at this time.Be prepared to open up your wallet it ain't cheap but I would never never race without it.
You'll probably achieve more liability protection by being a corporation than you will with an LLC, but you do need to look at all the factors before making your decision. Seek qualified professional help before you jump or it can be costly. I've seen too many corporations formed then dissolved without any benefit. Contact your attorney about the liability protection and your accountant about the tax advantages.
We too have incorporated as an LLC for pretty much the same reasons as Steve said, tax benifits and some personal protection. We talked to an accountant in our area and had him take care of it for us. It did cost some $$ but I think in the long run it will be well worth it.