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In this video, Jim Hart, founding attorney at Hawthorn Law, discusses the importance of having an operating agreement after forming an LLC. He highlights that the operating agreement serves as a contract between the business owner and themselves, especially for single-member LLCs. Hart emphasizes that this document is crucial for legally protecting and managing a business, and he refers viewers to a link explaining common mistakes entrepreneurs make when forming an LLC, which includes neglecting the operating agreement. The episode aims to clarify the role and necessity of this document in the business establishment process.