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The text provides educational information on the importance of an Operating Agreement for LLCs. It is an internal document that outlines how the LLC will be managed financially and operationally. Unlike formation documents, it does not need to be sent to the State. The agreement specifies the members of the LLC, their ownership percentages, and the management structure. Consult with a licensed attorney or CPA for personalized advice. This information is copyright protected and should not be redistributed without prior consent.