What are the pros and cons of having intellectual property own by an LLC vs as an Individual?

Your question is far too broad to adequately cover in a question and answer forum such as this. I will add a few bits of relevant information. First, unless there are extenuating circumstances, if the intellectual property is utilized in a business and the business generates potential liability from its operations, then the business and the intellectual property should be placed in a limited liability entity like an LLC or corporation. Second, the limited liability entity's ability to bring in investors may be hampered to the extent the intellectual property is owned by the founder rather than the Company. Notwithstanding that, certain founders prefer to retain ownership of intellectual property and license it to the company so as to preserve ownership and control of an asset that may be particularly valuable. You should discuss these issues with an experienced Business or Intellectual Property Attorney to determine the best structure for your particular situation.

The owner of the patent is liable for its contents and is able to collect royalties, grant licenses, and get sued.

Just to add a little bit to the previous responses, the type of intellectual property could alter any advice given regarding the use. Intellectual property is a pretty broad term that could include mechanical or other patents for processes or biomedical use, any original art, music, literature, etc, So, for instance, if you are planning to patent a machine that makes better cereal box tops and plan to start a business making cereal box tops, then the advice could be different than if you are a musician who wants to copyright and sell rights to music you make for use in movies. Your best bet is to speak directly with an experienced IP attorney about the IP you own and they can give you more specific advice. The advice offered regarding liability and licensing is pertinent though.