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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a crucial internal document for an LLC, outlining management and ownership details. It specifies the members, their membership interests, and the operational and financial management processes of the LLC. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State, and should be kept with business records.