If you set up a company then the liability is limited to the company.
So you have to make sure you are not implicated in the sight at all.
You should also have each contributor agree to terms and conditions that set out they are not uploading material that is not theirs and they are not breaching copyright. Also if they are infringing copyright they will keep your indemnified against any claims.
You as the owner will have to make sure if anyone is to make a claim you remove the material and have a disclaimer that you are not liable and you do not endorse the material being put up.
This way you get even more cover and the company will protect you personally.
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