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The text explains that an Operating Agreement is a crucial document for an LLC, outlining how the business will be managed financially and operationally. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State, as it is an internal document. This agreement specifies the members of the LLC, their ownership percentage, and details how the LLC will be governed. It is essential to consult with legal and financial professionals for advice tailored to your business needs. The information provided is copyrighted and should not be redistributed without authorization.