You can't cast a legendary sorcery unless you control a legendary creature or a legendary planeswalker. Once you begin to cast a legendary sorcery, losing control of your legendary creatures and planeswalkers won't affect that spell.

Other than the casting restriction, the legendary supertype on a sorcery carries no additional rules. You may cast any number of legendary sorceries in a turn, and your deck may contain any number of legendary cards (but no more than four of any with the same name).