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This text emphasizes that the information is for educational purposes only and should not be considered as legal, tax, or financial advice. For specific guidance, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be reproduced without permission. An Operating Agreement is crucial for LLCs, detailing member management and operational procedures. Unlike LLC Formation Documents, it is not submitted to the State but kept internally. The agreement outlines member identities, their ownership percentages, and management structures, including tax responsibilities.