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This information serves educational purposes only and does not constitute legal, tax, or financial advice. For personalized guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a vital internal document for an LLC that outlines financial and operational management. It specifies the members, their ownership percentages, and management procedures. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State but should be retained with business records. Its primary function is to clarify membership interests and management structure.