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This educational content is not legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The information provided is copyright protected and may not be redistributed or modified without permission. An Operating Agreement is essential for LLCs, detailing management and operational procedures. Unlike LLC Formation Documents, it is not submitted to the State but is kept internally with business records. The agreement specifies LLC members, their ownership percentages (membership interests), and outlines management structures and decision-making processes for the LLC.