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This information is for educational purposes only and should not be considered legal, tax, or financial advice. For personalized advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is essential for LLCs, detailing member ownership percentages and management structure. Unlike LLC Formation Documents, it is not submitted to the state but kept as an internal document with business records. The agreement clarifies member identities and their respective membership interests, as well as outlining operational and financial management of the LLC.