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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice; legal or financial guidance should be sought from a licensed professional. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial internal document for an LLC, outlining member ownership percentages (membership interest) and management structure. Unlike LLC Formation Documents, it does not need to be submitted to the State and should be retained with business records. The Agreement clarifies the management and operational procedures of the LLC.