Not sure how important it is for others, but I was surprised by the lengthy wait time to form an LLC in California. I filed for formation at the beginning of February and it still has not gone through. If you take a look at http://www.sos.ca.gov/business/be/processing-times.htm you'll see there is an almost two month wait time for new formations. This prevents me from opening up a business bank account and cashing checks, amongst other things.
Quick note of terminology: LLC is a limited liability "company", but not a corporation. "Incorporation" implies forming a C or S corp, etc. Corporations can issue shares, be taxed as their own entities etc. Quite a bit more paperwork and expense required, but this is what you'd want for venture funding. (IANAL, but this is from my experience).
