Living trusts are used only for holding personal property. Businesses such as LLC's and corporations are not transferred into a living trust. When transferring personal assets into your living trust, do not transfer business assets or accounts in your living trust.
However, an assignment of beneficial interest can often be made creating a "tether" from the trust to the business, allowing the successor trustees to manage the business should the business lack a succession plan.
A common misconception regarding living trusts they provide protection from lawsuits. This is NOT the case. Hence, it is important to keep business and personal assets separate. Talk to an insurance advisor to ensure your assets are protected in both your trust and any business entities. An umbrella insurance policy can go a long ways for a small amount of money in protecting both personal and business assets.
If you own rental property, consult a professional about placing the rental property and any other business assets into a separate entity, such as an LLC or corporation.
Should the business have its own succession plan, such as a Buy-Sell Agreement, that plan will take priority over the living trust's instructions for the business.