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This information is for educational purposes only and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The content is copyright protected, and redistribution without consent is prohibited. An Operating Agreement is a crucial internal document for an LLC, outlining management and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the State. The Agreement specifies the members of the LLC, their ownership percentages (membership interest), and the management structure, along with tax-related provisions.