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This information is for educational purposes only and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a key internal document for an LLC, detailing management structure, member identities, and ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be submitted to the state but should be kept with business records. Its primary purpose is to clarify the LLC's operational and financial management.