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An LLC Operating Agreement is a crucial document for business owners that helps avoid disputes, clarify responsibilities, and define ownership among members. This video discusses the purpose of an operating agreement, its essential components, the importance of treating it as a living document, and how to obtain a custom operating agreement for free. While it serves to govern the LLC and outline member duties, it's important to note that the information provided is for informational purposes only and not legal or tax advice; consulting a lawyer is advised before taking any action.