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The provided information serves educational purposes 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 LLC members, detailing financial and operational management. Unlike LLC Formation Documents, it doesn't need to be submitted to the state but should be kept with business records. The Operating Agreement outlines member identities, their respective ownership percentages (membership interest), and management procedures of the LLC.