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The information shared is for educational purposes only and does not serve as legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The text emphasizes that the content is copyrighted and cannot be redistributed without consent. An Operating Agreement is an internal document that outlines the financial and operational management of an LLC, differing from Formation Documents that are submitted to the state. It identifies the members of the LLC, their ownership percentage (membership interest), and management procedures. This document should be kept with business records and is crucial for defining internal LLC operations.