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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice; it is recommended to consult a licensed attorney or CPA for specific needs. The content is copyright protected and cannot be redistributed or modified without permission from the author. An Operating Agreement is a key internal document for LLC members, detailing financial and operational management. Unlike LLC Formation Documents, it does not need to be submitted to the State. The Operating Agreement outlines the members, their ownership percentages (membership interests), and the management structure of the LLC.