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The text outlines that the provided information is for educational purposes only and does not constitute legal, tax, or financial advice. It advises consulting a licensed attorney or CPA for specific needs. The information covered is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial document for an LLC, detailing the management of the company both financially and operationally. Unlike LLC Formation Documents, it does not need to be filed with the State, serving instead as an internal document to be kept with business records. The Operating Agreement defines the members, their ownership percentages, and outlines the management and tax procedures for the LLC.