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The text provides information on the importance of an Operating Agreement for LLCs, which outlines how the LLC will be managed both financially and operationally. Unlike formation documents, the Operating Agreement does not need to be submitted to the State, as it is an internal document to be kept with business records. The agreement specifies the members, their ownership percentages, and how the LLC is managed. For personalized legal, tax, or financial advice, it is recommended to consult with a licensed attorney or CPA.