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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 content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a critical internal document for an LLC, outlining the management structure, member identities, and ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the state and should be kept with business records. Its main purpose is to clarify the members’ roles and management procedures of the LLC.