You are asking both a legal information question and an accounting question put together. Whether or not certain deductions can be taken out of a business is a matter for an accountant to work on. However, IF a certified public accountant (CPA) in your state can determine for you if the expenses of rodeo training would be an expense for your business (which, in that case, would serve to decrease your annual income and thereby decrease taxes owed) then, they would serve to legally reduce taxes paid. BUT - that is only if the rodeo expenses would be a write off, which only a CPA can tell you. But, remember that by turning a farm into an LLC other tax issues can be created, so you really need to compare the benefits and risks to changing to see whether or not it is worth it, and, again, an accountant can help with that.
As for how to create an LLC, that is normally done by registering the business as an LLC through the offices of a state's secretary of state or corporation's division/office of a state. Forms are filed, a fee is paid, sometimes permits or licenses must be obtained, and (and this is also a CPA question) a federal tax ID (called an EIN) may be obtained or not (for an LLC, at least, that is a choice, but for corporations that may be required), that is the general process of forming an LLC or corporation. Information about what it means to own an LLC can be found here. Information on how to form an LLC or corporation in MO can be found here
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