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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, it’s recommended to consult a licensed attorney or CPA. The lessons are copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial internal document for an LLC, outlining financial and operational management. This agreement specifies the members and their ownership percentages, known as membership interests, and details how the LLC will be managed. Unlike LLC Formation Documents, it does not need to be submitted to the state but should be retained with business records.