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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice tailored to your business needs, consultation with a licensed attorney or CPA is recommended. Additionally, the content is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement is a crucial internal document for an LLC, outlining the management and financial operations of the business. It identifies the LLC members and their ownership percentages (membership interest) and describes management protocols. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State but should be retained with business records.