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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a critical internal document for an LLC, outlining the management structure and operational procedures. It details the members of the LLC, their ownership percentages, and how the LLC will be managed financially and operationally. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State, but a copy should be maintained with business records.