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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice; individuals are encouraged to consult licensed professionals for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a vital internal document for an LLC, detailing management, ownership percentages of members, and operational guidelines. Unlike LLC Formation Documents, it does not need to be submitted to the State but should be retained with business records. The agreement clarifies member roles and management structure within the LLC.