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The provided information serves educational purposes only and does not constitute legal, tax, or financial advice; consultation with a licensed professional is recommended for specific needs. This content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial document for an LLC, detailing internal management and ownership structure, including member identities and their respective ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State but should be retained with business records. Its primary purpose is to outline management procedures and membership details within the LLC.