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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a key internal document for an LLC, detailing management and financial operations. Unlike LLC Formation Documents, it does not need to be submitted to the state. The Operating Agreement outlines member identities, their ownership percentages (membership interest), and management procedures, as well as tax matters. Keeping a copy with business records is essential.