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The text provides information on the importance of an Operating Agreement for LLCs. It explains that an Operating Agreement outlines how the LLC will be managed financially and operationally, including ownership percentages. Unlike Formation Documents, the Operating Agreement does not need to be submitted to the State and should be kept internally with business records. Consulting a licensed attorney and/or CPA for specific advice is recommended. The purpose of the Operating Agreement is to define membership details and how the LLC is managed.