When you join a guild you have to have certain skill requirements to get higher before you can advance in rank and continue the story of the guild. To help you do so is randomly generated quests between the main story quests. These can also be done at any time for other rewards such as armor, weapons, or money. After The guild's story quest is done you can continue to do random quests, I hated that there wasn't much to do with finished guilds in Oblivion.