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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance related to business needs, consultation with a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial document for LLC members that outlines the management, financial responsibilities, and operational procedures of the LLC. Unlike formation documents, it remains an internal document that does not require submission to the State. It specifies member identities, their ownership percentages (membership interest), and management and tax provisions.