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The text emphasizes that the information provided is for educational purposes only and does not constitute legal, tax, or financial advice. To receive tailored advice for your business needs, it is recommended to consult with a licensed attorney or CPA. The Operating Agreement is a crucial document for LLC members, outlining how the LLC will be managed financially and operationally. Unlike Formation Documents, the Operating Agreement does not need to be submitted to the State, as it is an internal document to be kept with business records. This agreement specifies member ownership percentages and management structure, among other key details.