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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For advice tailored to your business, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a crucial internal document for LLC members that outlines financial and operational management. Unlike LLC Formation Documents, it does not need to be submitted to the State. It details the members' identities, their ownership percentages (membership interests), and the management structure of the LLC.