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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The material is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement is a key internal document for LLCs, outlining management and operational procedures. It does not need to be submitted to the state, but should be retained with business records. The Agreement specifies the members of the LLC, their ownership percentages (membership interests), and management structure.