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When changing ownership of a limited liability company (LLC), it's important to understand that the process differs from that of a corporation. Unlike corporations that use stock certificates, LLC ownership is governed by a limited liability company operating agreement, which details the contract between members. To change ownership, you must prepare an amended and restated operating agreement. Each time new members are added, the agreement is updated, resulting in first amended, second amended agreements, and so forth. Additionally, you have the option to create an amended and restated document for your LLC.