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An LLC operating agreement is a legally binding document outlining the ownership and management structure of a limited liability company (LLC). It details aspects such as meeting schedules, registered agents, and member changes. The agreement combines the liability protection of a corporation with the tax treatment of a partnership. It is governed by state LLC laws and serves multiple purposes, including defining management structures, allocating profits and assets, and outlining member agreements. Notably, members are not personally liable for the LLC's debts. It is advisable to establish the LLC operating agreement once the LLC is formed.