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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent from the author. An Operating Agreement is a key internal document for an LLC, outlining the management structure, financial operations, membership details, and ownership percentages. Unlike LLC Formation Documents, it does not need to be submitted to the State and should be kept with business records. The Agreement clarifies the management and tax treatment of the LLC.