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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyrighted and cannot be redistributed without consent. An Operating Agreement is a crucial document for LLC members, outlining management and operational guidelines. Unlike LLC Formation Documents, it is not submitted to the State and remains an internal document stored with business records. The Operating Agreement specifies the members of the LLC, their ownership percentages, and the management structure of the LLC.