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The text discusses the importance of an Operating Agreement for LLCs, which outlines how the LLC will be managed both financially and operationally. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State as it is considered an internal document. The agreement specifies the members of the LLC, their ownership percentage, and how the LLC is managed. It is advised to consult with legal and financial professionals for specific guidance related to your business needs. The information is copyright protected and should not be redistributed without prior consent.
