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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice regarding business needs, consulting a licensed attorney or CPA is recommended. The Operating Agreement is a key internal document for LLCs, detailing members, their ownership percentages, and management procedures. Unlike LLC Formation Documents, it does not need to be submitted to the state; it should be kept with business records. This agreement outlines operational guidelines and financial management, ensuring clarity among members about their roles and interests in the LLC. Redistribution, copying, or modification of this lesson requires prior written consent from the author.