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The information provided is for educational purposes only 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 an LLC, outlining the management of the business both financially and operationally. It does not need to be submitted to the state but should be retained with business records. This agreement details the members of the LLC, their ownership percentages (membership interest), and the management structure of the entity.