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The information is for educational purposes only and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial internal document for an LLC, outlining management and operational procedures. It identifies the members and their ownership percentages (membership interest). Additionally, it specifies how the LLC will be managed and addresses tax-related matters. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State and should be kept with business records.