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This information is for educational purposes only and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be reproduced without consent from the author. An Operating Agreement is a crucial internal document for an LLC, outlining management structure, operational procedures, and member interests. Unlike LLC Formation Documents, it is not submitted to the State but should be kept with business records. The agreement identifies members, their ownership percentages, and details on the management and tax structure of the LLC.