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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consultation with a licensed attorney or CPA is recommended. The Operating Agreement is an essential internal document for an LLC, detailing management structure, member ownership percentages, and operational procedures. It is not submitted to the State, but should be kept with business records. This document clarifies who the members are and their respective membership interests, playing a critical role in the organization’s governance. Redistribution or modification of this lesson is not permitted without written consent from the author.