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This text highlights the importance of having an Operating Agreement for an LLC, which outlines how the business will be managed financially and operationally. Unlike formation documents, the Operating Agreement is kept internally and does not need to be submitted to the state. It identifies the members of the LLC and their ownership percentages, as well as detailing how the LLC is managed. It is recommended to consult with legal and financial professionals for personalized advice. The information is copyrighted and cannot be redistributed without permission.
