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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice, it's recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial internal document for an LLC, detailing financial and operational management. Unlike LLC Formation Documents, it doesn't need to be submitted to the State, but should be kept with business records. The Operating Agreement outlines the members of the LLC, their ownership percentages, and management structure.