The benefits of an LLC are that it shields the owner of individual liability for debts of the business. This means that if the LLC enters into a contract for goods or services, and later is unable to pay, the provider is only able to pursue assets of the LLC, and cannot pursue individual assets of the owner or member.
The owner or member remains personally liable for their own torts (if you are driving the company vehicle and strike a pedestrian, both the LLC and the owner/driver are liable), or if the owner signs as a guarantor or co-signer on a loan or obligation, both are liable. But absent these circumstances, the owner is protected from liability.
Some businesses use multiple entities such as LLCs or Corporations
to shield one business from another, for example if the recording business goes out, but a production business is still viable, the two are separate entities and the recording business going bust will not affect the production business.
I cannot give you a recommendation regarding your own personal situation or business. We are prohibited from practicing law through this forum, and I do not have enough information to give you a viable legal opinion, but I do hope that an explanation of why businesses for limited liability companies and the value of doing so is helpful in making your own decision to go forward. If you do decide to create separate entities you can do so one at a time as you grow your company.