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This information is for educational purposes only and does not serve as legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be reproduced without permission. An Operating Agreement is a crucial internal document for an LLC, outlining management and operational procedures. It specifies the members and their ownership percentages (membership interests) but does not need to be submitted to the State like LLC Formation Documents. The Agreement also defines management structure and tax guidelines for the LLC.