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The provided text serves an educational purpose and does not constitute legal, tax, or financial advice. For specific needs, consultation with a licensed attorney or CPA is recommended. It warns that the content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is described as a crucial internal document for LLC members, outlining the management structure and ownership percentages (membership interest). Unlike LLC Formation Documents, it does not need to be submitted to the state but should be retained with business records. The Operating Agreement clarifies member roles and management processes.