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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is important for LLC members, detailing management processes both financially and operationally. Unlike LLC Formation Documents, it is not submitted to the state but kept as an internal document. It clarifies member identities, ownership percentages (membership interests), and management structure of the LLC.