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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice—consult a licensed attorney or CPA for specific needs. This content is copyright protected and cannot be reproduced without permission. An Operating Agreement is a key document for LLCs, detailing the management structure, financial operations, members' identities, and their ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement remains an internal document and does not need to be submitted to the state; it should be kept with business records.