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The information provided 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 consent. An Operating Agreement is a crucial document for LLC members, outlining management and operational aspects of the LLC. Unlike LLC Formation Documents, it does not need to be submitted to the State and is kept as an internal record. This agreement details the members’ identities, their ownership percentages (membership interest), management structure, and tax-related guidelines for the LLC.