LLC’s make a separate legal entity, generally to separate out potential sources of liability.  For example, you put your trucking operation in an LLC, your farming operation in an LLC, and your equipment into an LLC.  Each with the appropriate insurance and rental agreements between the LLC’s and with the separate records and operating procedures required - the details matter.  If your driver is in a truck wreck, theoretically the first liability goes to your trucking LLC insurance policy, the second is any overall liability umbrella insurance you have, and then the third layer is limited to the assets of the trucking operation, which would be cash in the trucking LLC’s bank account and any receivables.  Your trucks, owned by your equipment LLC, your farming operation income, your land, and your personal investments are theoretically shielded from liability unless you are sued and the claimant successfully ‘pierces the veil’ and attaches personal liability which is hard to do if you did all the paperwork of your LLC setup correctly and followed all the subsequent steps.  Normally you don’t have a big accident and your insurance solves reasonable issues but what do you do if you are the one that got hit by the truck and you need lifetime medical care, you have to keep pursuing assets related to the truck until you gain enough equity to provide for your needs (or you hit an unreasonable person looking for a free lunch ticket).  That is where the LLC breaks all the ownership up into pieces to protect unaffected assets.

You can set up an LLC to be taxed a lot of different ways, depending on your financial situation and goals. If you have huge income, you may want to be an S-corp and lower your SS taxes, or you can provide deductible housing, utilities,  and various other fringe benefits to an employee manager required to live on- premise to perform bona fide critical work functions (calve animals, load hogs at 2am, watch the grain dryer overnight).  This employee of your S-crop might be you or your kid.  Or you can keep it simple and be a sole proprietor.  

Lots of options, can lead to lots of confusion. Get good advice and follow it, don't just follow the farm magazine herd.