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This information is for educational purposes only and should not be considered legal, tax, or financial advice; professional consultation is recommended for specific needs. The Operating Agreement is an internal document for LLC members, detailing financial and operational management. Unlike LLC Formation Documents, it does not need to be submitted to the state. Its main functions are to outline member identities, their ownership percentages (membership interests), and management procedures for the LLC. Copying, modifying, or redistributing this lesson without consent is prohibited.