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Operating Agreement
A legal document that outlines the governing structure and operating guidelines of an LLC including the rights and responsibilities of its members.
Dissolution
The process of formally closing or ending a legal entity, such as a corporation or partnership.
Limited Liability Company
An entity where owners are not personally liable for company debts, offering flexibility in management and benefits of pass-through taxation.
Exclusive Managerial Control
A business arrangement where one party has the sole authority and responsibility for managing an organization or project.
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