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The provided content is for educational purposes only and does not serve as legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The information is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a crucial document for LLCs, detailing the management structure and operational procedures. It is not submitted to the state but kept internally with business records. The agreement identifies LLC members, their ownership percentages (membership interest), and outlines management and tax processes for the LLC.