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This text serves educational purposes and does not constitute legal, tax, or financial advice. For specific guidance, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be duplicated without permission. An Operating Agreement is a crucial internal document for an LLC, outlining the management structure, including members' identities and ownership percentages (membership interests). It details how the LLC will be run financially and operationally. Unlike LLC Formation Documents, it does not require submission to the State but should be retained with business records.