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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice tailored to your business, consulting a licensed attorney or CPA is recommended. This content is copyright protected and cannot be redistributed without permission. An Operating Agreement is essential for LLCs as it outlines management and operational procedures. Unlike formation documents, it is not submitted to the State but kept as an internal record. The Operating Agreement details the members of the LLC, their ownership percentages (membership interests), and management processes.