The purpose of an LLC entity is basically for liability protection. Also it is a simplified tax filing as opposed to a regular "C" corporation. Meaning the profit or loss from an LLC is passed through to the owner/members of the LLC. Forming separate LLC's for all of the rental properties and the welding business would only cost a lot more to create and then the annual license renewals and the bookkeeping. A better choice would be to create one LLC and put all of those items in it. Depending on how much at risk you feel you are you could also just purchase a personal "liability umbrella" policy. A million dollar policy would only be around $150.00 a year. You probably have your rental properties and personal home insured with the same company. I suggest before you rush into creating a corporate entity you meet with your insurance agent and discuss this concept.
Dennis (cut2it)
NCP
Investment R.E. Broker 30 yrs. & past owner of Mortgage Brokerage Company.