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The information provided is intended for educational purposes only and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial internal document for an LLC, outlining the management structure and financial operations of the entity. Unlike LLC Formation Documents, it is not submitted to the state but should be kept with business records. The agreement specifies the members of the LLC, their ownership percentages (membership interests), and details on the management of the LLC.