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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyrighted and cannot be used without the author's consent. An Operating Agreement is a crucial internal document for an LLC, outlining the management of the company both financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the state, but should be kept with business records. The agreement details the members of the LLC, their ownership percentages (membership interest), and outlines the management structure of the LLC.