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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, it is recommended to consult a licensed attorney or CPA. The content is copyright protected, and redistribution or modification requires written consent from the author. An Operating Agreement is a crucial document for an LLC, outlining the management structure and operational protocols. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the state but is kept internally. It details the members of the LLC, their ownership percentages, and the management processes for the business.